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Glossary of terms used on this site

There are 202 entries in this glossary.
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Term Definition
VA loan

Veterans Administration-backed mortgage. The VA, a federal agency, operates a loan guarantee program for honorably discharged veterans and widows of veterans who died of a service-related injury. Mortgages call for low or no downpayment. Sometimes referred to as GI loan.

Valid contract

One that meets all requirements of law, is binding upon its parties, and is enforceable in a court of law.

Valuation

Estimated or determined value; synonymous with appraising.

Value

Market value or present worth. To have value, a property must have utility, scarcity, effective demand, and transferability.

Variable rate mortgage

See adjustable rate mortgage.

Variance

A permit granted as an exception to a zoning ordinance that allows a property owner to meet certain specified needs.

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