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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
VA Guaranteed Loan
A mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA).
VA Loan
A loan made through the Department of Veteran Affairs (VA).
VA (Veterans Affairs)
A program of the United States Department of Veterans Affairs, formerly the Veterans Administration, which allows most veterans to purchase a home with little or no down payment.
Valid Contract
An agreement that is legally binding because it is in conformity with all legal requirements and conditions.
Value
An expression of monetary worth of a particular piece of real estate, or vehicle, or goods, etc. A fair price.
Variable Interest Rate
An interest rate which is tied to an index, such as the Wall Street Journal Prime, and fluctuates (rises and falls or varies) during the life of the loan. The payments you would make may increase or decrease accordingly.
Voluntary Conveyance
The transfer of title from a borrower to the lender to satisfy the mortgage debt and avoid foreclosure. Also called a Deed-in-Lieu of Foreclosure.
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