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VA Guarantee — An insurance contract in which the Veterans Administration (VA) insures that the named lender will recover a specific percentage of the loan amount from the insurer in the event the loan goes bad.

Variable interest rate (also called a “flexible interest rate”) - An interest rate that fluctuates as the prevailing rate moves up or down. In mortgages, there are usually maximums as to the frequency and amount of fluctuation.

Vendee - Buyer.

Vendor - Seller.

Vest - To give an immediate, fixed right of present or future enjoyment in land. Title may be said to vest in John Smith.

Vestee — A non-legal term used by title insurers to indicate the owner of real property in a policy or report.

Veterans Administration (VA) loans - Housing loans to veterans by banks, savings and loans, or other lenders that are guaranteed by the Veterans Administration, enabling veterans to buy a residence with little or no down payment.