Bankrate's financial glossary
Did you run across an unfamiliar term when applying for a mortgage, credit card
or auto loan? Find the meaning here, along with definitions of other financial words
and phrases, in Bankrate.com's financial glossary.
A loan backed by the Veterans Administration. It requires very low or no down payments and has less stringent requirements for qualification. Members of the U.S. armed forces are eligible for the loans under certain qualifying conditions. Contact the local VA office for information.
If the letter V appears after the annual percentage rate (APR) the interest rate is variable and subject to change.
A mortgage made by an approved lender and guaranteed by the Department of Veterans Affairs, often with a low down payment.
A mutual fund that invests mainly in value stocks or stocks that are underpriced according to fundamental analysis. Such metrics as the price-to-earnings ratio are used to gauge value.
Variable interest rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage, and which fluctuates in tandem with a rate index.
Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an adjustable-rate mortgage.
Vehicle Identification Number
A number assigned to the vehicle by the manufacturer. Each number is unique and appears on the vehicle's registration and title.
Investments made in fledgling enterprises, start-ups or small companies with potential for growth.
A spoken, unwritten legal agreement that is as valid as a written agreement, in most cases, though its existence is more difficult to prove. Verbal agreements are not enforceable in real estate transactions.
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.