V

VA mortgage

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

Variable rate

An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.

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 However, taxes may be due on any funds that are actually withdrawn.

Glossary by Run Digital