California Mobile Home Dictionary - V

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VA loan: A loan made to qualified veterans to purchase real property where in the event of default the Department of Veteran's Affairs guarantees the lender repayment.

Value: The present worth of future benefits arising out of ownership to a typical user or investor.

Valid contract: A contract that complies with the four essential elements of a contract - capacity, consent, consideration and lawful object - and is binding and enforceable by all of its parties.

Variable Expense: An expense that changes from period to period, such as utilities, food, clothing and entertainment.

Variable interest rate: An interest rate that fluctuates with the current cost of money; subject to adjustment if the prevailing rate moves up or down. See Variable Rate Mortgage.

Variable Rate Mortgage: (VRM) An interest rate in a real estate loan which by the terms of the note varies upward or downward over the term of the loan depending on current money market conditions.

Verification: The process of making sure that all of the borrower's loan application information is accurate.

Voidable contract: An agreement that is capable of being made void but is not null and void and so it must be either confirmed or voided.

Voluntary lien: A lien placed on property with the consent of or as a result of a consious act of an owner.

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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here.

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