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GLOSSARY OF TERMS

Buying and selling a home can be confusing. Many of the terms used during the transaction may be new or unfamiliar to you. In light of this, WashMetroHomes.com is providing you with this brief glossary of these terms. Each real estate transaction is unique and the terms are all different. If you are unclear about any specific area or meaning in a real estate contract, see the help of a real estate professional such as a Realtor, Mortgage Specialist, or a competent and qualified attorney.

Click on the letter which corresponds to the term you are seeking to go to the page.

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

V

VA mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.

vested
Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.

Department of Veterans Affairs (VA)
An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.

 

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