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Real Estate Terms starting with (V)

The Following are real estate terms and topics: Starting With the Letter (V)

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Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….

Real Estate Terms V

Real Estate Terms V

Vacancy rate

One of the most important key figures in real estate investment. The vacancy rate describes the total amount of available space compared to the total inventory of space as a percentage for a specific part of the market.

Variance

Permission that allows a property owner to depart from the literal requirements of a zoning ordinance that, because of special circumstances, cause a unique hardship.

Variable rate mortgage

A mortgage where payments can be fixed from one to five years, but the interest rate can change from month to month depending on market conditions. If interest rates go down, the monthly principal is reduced; if rates go up, the monthly payments may be increased for the next term.

VA mortgage
A mortgage on which the lender is insured against loss by the Veterans Administration. The major advantage of a VA mortgage is that the required down payment is very low, and maximum allowable loan amounts are higher than on FHA loans, but only veterans are eligible.

Vested
Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund.

Department of Veterans Affairs (VA)
The United States Department of Veterans Affairs (VA) is a government-run military veteran benefit system with Cabinet-level status. It is responsible for administering programs of veterans’ benefits for veterans, their families, and survivors.

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