Mortgage Glossary - V

Definitions of Mortgage Terms

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VA Loan Variable Interest Rate Variable Rate Variable Rate Mortgage

 

• VA Loan - A mortgage that is guaranteed by the Department of Veterans Affairs (VA). 
• Variable Interest Rate - Percentage that a borrower pays for the use of money, and which moves up or down periodically based on changes in other interest rates.
• Variable 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.
• Variable Rate Mortgage - Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an adjustable-rate mortgage.