Glossary of Real Estate and Mortgage Terms
The present worth of future benefits arising out of ownership to a typical user or investor.
Variable Rate Mortgage, VRM
A real estate loan under which the terms of the note permit the interest rate to vary upward or downward over the term of the loan depending on current money market conditions.
Veterans' Administration, VA
A department of the federal government that among other activities guarantees loans made to veterans.
An agreement that is capable of being made void but is not null and void and so it must be either confirmed a valid contract or a voided contract.