VA loans

VA loans (Veterans Administration loans) are loans issued by the United States Department of Veterans Affairs, an agency of the federal government that operates a variety of programs to help veterans, through a program that allows most veterans to purchase a house without a down payment.  To be eligible for a home loan through the VA program, a veteran must present evidence of military service to a mortgage institution that participates in the VA program.  The stated goal of the administration for the program is "To help veterans and active duty personnel purchase and retain homes in recognition of their service to the Nation."

Variable interest rate

A variable interest rate is a loan rate that moves up and down based on factors including changes in the rate paid on bank certificates of deposit or Treasury bills.  A variable interest rate is sometimes known simply as a variable rate, and is the interest rate associated with a variable rate mortgage (or adjustable rate mortgage).  If the variable interest rate decreases from one payment period to the next, a borrower´s amount due will also decrease; if the variable interest rate increases, the amount due also will increase.  Caps are imposed as to how much a variable interest rate may fluctuate by and how often it can change.

Variable rate

A variable rate is an interest rate associated with a variable rate mortgage (or an adjustable rate mortgage).  A variable rate changes with fluctuations in such indices as the U.S. Treasury bill index.  The rate will affect how much a borrower pays in each of his or her required installments paid toward the satisfaction of the loan.  If the variable rate decreases from one payment period to the next, a borrower´s amount due will also decrease; if the rate increases, the amount due also will increase.  Caps are imposed as to how much a variable rate may fluctuate by and how often it can change.

Variable rate mortgage

A variable rate mortgage is a loan that carries an interest rate that hinges on variations in indices, which are factors such as the rate paid on bank certificates and Treasury bills.  Also known as an adjustable rate mortgage, a variable rate mortgage is adjusted periodically so that the amounts of payments made by the borrower change from payment to payment.  Variable rate mortgages are required by law to have a particular cap, which is a limitation on charges designed to protect the borrower.  Caps may be imposed on the frequency with which the interest rate changes, the amount of the change, or the total change in the interest rate from the beginning of the loan until it is paid off (a "life cap"). 

Vaulted ceiling

A vaulted ceiling is an elongated half-cylinder that arches above the floor. With a vaulted ceiling, the angle, or arch, from the walls up to the ceiling provides a room with an open, airy feel and additional space for air circulation and light.  A vaulted ceiling allows for what construction professionals refer to as a "transitional element" between the vertical walls of a room and the horizontal plane of the ceiling.  Many people like the aesthetic effect that results with a vaulted ceiling, which results in increased, dramatic height.  For truly unique decorative elements, vaulted ceilings may be inlaid with a skylight, or may be painted with a mural or inlaid with mosaic tile. 

Verification of deposit

Verification of deposit is a part of the home loan process.  During a verification of deposit, a lending institution will ask a borrower's bank to sign a written statement officially verifying the borrower's account balances and history.  This information allows the lender to obtain the most complete picture of the financial security and responsibility of a particular borrower and his or her credit worthiness; in other words, a verification of deposit allows the lender to ascertain whether or not the borrower is secure enough financially and likely enough to make payments on his or her debts to justify issuance by the lender of a mortgage to that borrower.

Verification of employment

Verification of employment is a part of the loan application process for a home purchaser.  During the verification of employment, the lending institution issuing the mortgage requests from the borrower's employer a (usually written) confirmation of the borrower's position with that employer, the borrower´s standing as an employee, and the  salary of the borrower.  This information allows the lender to ascertain that the borrower does indeed have a job and a steady flow of income that makes him or her a secure investment for the lender.  Verification of employment allows the lender to see that a borrower is likely to repay the loan.

Vestibule

A vestibule is a small entrance hall or room that provides an opening into a home´s interior from the outside.  A vestibule is similar to a foyer.  Vestibules are commonly used as reception or waiting areas, and may include appropriate furniture and/or décor such as coat racks, hat stands, benches, mirrors, side tables, and so on.  Vestibules were particularly popular in Victorian Age homes, in which the entry rooms were considered to be a buffer space between guests to a home and the home´s residents; guests were often kept waiting in the vestibule of a home before being greeted there by their host or hostess and invited in.

Veterans Administration (VA)

The Veterans Administration, more formally known as the United States Department of Veterans Affairs, is an agency of the federal government that operates a variety of programs to help veterans. One of the key plans that the Veterans Administration oversees is the VA loan program, which allows most veterans to purchase a house without a down payment.  To be eligible for a home loan through the VA program, a veteran must present evidence of military service to a mortgage institution that participates in the VA program.  The stated goal of the administration for the program is "To help veterans and active duty personnel purchase and retain homes in recognition of their service to the Nation."

Victorian style

Victorian style is an architectural style that dates from the mid-19th century.  Elements of Victorian architecture really combine a variety of discrete styles that all occurred during the Victorian Age.  Some of the most popular design styles associated with the Victorian architectural style include Gothic Revival, Italianate, Jacobethan, Neoclassicism, Neo-Grecian, Painted Ladies, Queen Anne, renaissance Revival, Romanesque Revival, second Empire, Stick-Eastlake, Industrial, and influences of the Arts and Crafts Movement.  The most popular type of Victorian architecture, still found in new construction today, is Gothic, the elements of which include soaring ceilings and stately exteriors. 

Vinyl-clad windows

Vinyl-clad windows are wood windows that are sheathed in vinyl on the outside.  Vinyl-clad wood windows, compared to traditional non-clad windows, offer increased strength and durability, and are particularly resistant to harsh environmental elements such as wind and rain, making them popular fixtures of houses built in, for example, hurricane-prone areas such as the state of Florida or snow- and wind-prone areas like many northern states.  Vinyl-clad windows also offer a variety of design options, making them a popular choice for the addition of aesthetic uniqueness to a home´s exterior.  The windows may be constructed of any number of types of wood and the vinyl on the exterior can be of any color and may have a decorative finish.

Voluntary lien

A voluntary lien is a lien, or property given as security to a creditor, that a homeowner willingly gives to a lending institution in exchange for a mortgage.  With a voluntary lien, the lender has a legal claim to the property of the borrower, usually the actual real property of the homeowner for payment of which the homeowner has borrowed the mortgage from the lender.  The lien secures the debt by allowing the lender to claim it in the event that the borrower is in default of his or her loan and to sell it, with the proceeds of the sale going towards the outstanding balance due on the loan.  A voluntary lien, which requires the consent of the borrower-homeowner, must be in writing, usually in the form of a contract.