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Valid [back to top]
Having binding force & legally sufficient as authorized by law.
Valuable Consideration [back to top]
The granting of a beneficial right, e.g. an interest, profit, or suffering of some detrimental forbearance, loss or default, by one party in exchange for the performance of another.
Variable Rate Mortgage [back to top]
A mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage. Beneficial to the borrower when the interest prime rate market is trending down. This mortgage can normally be converted to a 3year or longer term at any time for no cost.
Vendor [back to top]
A seller of real property.
Vendor Financing [back to top]
The seller sometimes takes the mortgage at a rate lower than market rates. Most of these arrangements are not renewable nor transferable to the next owner.
Vendor Take Back Mortgage [back to top]
A type of mortgage where a vendor of a property takes from the purchaser as partial payment of the purchase price for that property.
Verification of Employment [back to top]
The lender will sometimes contact an applicant's employer in order to verify information provided in a mortgage application or a job letter, e.g. income structure, length of employment, position.
Void [back to top]
Meaning literally "of legal effect; a nullity".
Voidable [back to top]
Where one party to a contract is entitled to rescind the contract at their discretion.