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Real Estate Definitions

These are definitions related to real estate. The definitions can be very helpful in understanding much of the confusion that comes over people when they are trying to understand what a realtor or a loan officer might be saying. If you have any other words you may need defined, do not hesitate to call me at 608-219-8014.

A B C D E F G H I J L M N O P Q R S T U V W Z


V

VA guarantee: An insurance contract for which the Veterans Administration (VA) guarantees the lender's recovery of a designated percentage of the loan amount from the insurer in the event that the borrower defaults on the loan.

VA loan, or Government mortgage: A mortgage loan available to qualified military veterans which is guaranteed by the Department of Veteran Affairs, usually offering either no down payment or a low down payment.

Valuation: The estimated of value of a property.

Variable rate mortgage, or Adjusted rate mortgage: A mortgage with interest rates that may fluctuate based on market conditions.

Verification of Deposit: A statement signed by the borrower's financial institution that verifies the current balances in the borrower's accounts.

Verification of Employment: A statement signed by the borrower's employer that verifies the borrower's current position and salary.

Vest: To pass an immediate right on to a person.

Vested: Having the right to withdraw a percentage of a fund before its agreed-upon maturity date; e.g., the percentage vested to individuals with retirement funds differs; if someone is 80% vested, that means they can only withdraw 80% of the funds set aside for them until its maturity.

Department of Veterans Affairs (VA): A federal agency that insures residential mortgages made to eligible military veterans, which thereby encourages loans being made to veterans.


Keller Williams real estate agency serving Madison and the southern Wisconsin area

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Nataliya Flannery
My Cell Phone: (608) 219-8014
My Fax Number: (608) 831-0825
My Email: natflannery@kw.com
Alternate Website: Nataliya Flannery
- Madison Real Estate

Keller Williams-West Madison:
3 Point Place
Madison, WI 53719
Last Updated: March 25, 2007 All information copyright madison-real-estate.net 2005, Webmaster
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