Glossary of Terms

VA Mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs (VA).

Variable Rate Mortgage
Same as Adjustable Rate Mortgage.

Verification of Deposit (VOD)
A document signed by the borrower's bank or other financial institution verifying the account balance and history.

Verification of Employment (VOE)
A document signed by the borrower's employer verifying his/her starting date, job title, salary and probability of continued employment.

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.

Veterans Administration (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.