Real Estate Glossary: V

Valuation
The act or process of assessing value or price of a property through an appraisal.

Variable Interest Mortgage
A mortgage product where the interest rate can change or vary during the loan term. The variance in the interest rate usually depends on a specific factor such as prime bank rate or the guaranteed investment certificate rate for a designated lender.

Variable Interest Rate
Percentage paid by a borrower for the use of funds. This interest rate moves up or down periodically due to changes in other interest rates.

Variable Rate Mortgage
A mortgage product where the interest rate is adjusted periodically based on a standard financial index. Also called an “Adjustable-rate Mortgage.” CanEquity has access to the best Variable rate/below prime mortgages in Canada.

Vendor Take Back
In order to sell a property, the seller will provide all or some of the financing to ensure the transaction.

Verification of Employment
Confirmation from a place of employment that verifies a loan applicant is being truthful about where he or she works and about the salary he or she earns.

Void
Something that is void has no validity or effect under the law meaning it is null. For example, a contract can be rendered void.

Voidable
When an individual or party involved in a contract is entitled to renege or retract the contract at his or her discretion.

Posted by:  Deya Bautista - Affiliated Real Estate Agent working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889

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