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Canadian Real Estate / Mortgage Glossary : V

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

If the letter V appears after the annual percentage rate (APR), the interest rate is variable and subject to change.

Sufficient in law; effective.

 Valuable Consideration
The granting of some beneficial right, interest, profit, or suffering of some detrimental forbearance, loss or default by one party in exchange for the performance of another.

The estimation of a property's price value through an appraisal.

 Variable Interest Mortgage
A loan where the interest rate may vary during the term of the mortgage. The variance is usually tied to some specific factor such as prime bank rate or the guaranteed investment certificate rate for a designated lender.

 Variable Interest Rate
Percentage that a borrower pays for the use of money, and which moves up or down periodically based on changes in other interest rates.

 Variable Rate
See "Variable Interest Rate."

 Variable Rate Mortgage
Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an "Adjustable-rate Mortgage." Ontario Equity has access to the best Variable rate/below prime mortgages in Canada.
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 Vendor Take Back
Where the seller of the property provides all or some of the financing in order to sell the property.

 Verification of Employment
Confirmation that a loan applicant is telling the truth about where he or she works and how much he or she makes.

A credit card issued by VISA USA which is distributed by financial institutions around the world. A VISA card holder borrows money against a credit line and repays those funds with interest if the balance is carried over from month to month in a revolving line of credit.
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Of no legal effect. A nullity.

Where one party to a contract is entitled to rescind the contract at his/her option.

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