Glossary in Letter V

V-cap
A specially shaped piece of ceramic tile used at the edge of a counter to trap liquids.
VA (Veterans Administration)
A Cabinet department of the United States government responsible for administering programs of veterans benefits for veterans, their families, and survivors. The Veterans Administration allows most veterans to purchase a house without a down payment.
VA loan
A mortgage loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA loan allows the Veteran to purchase a house without down payments.
Valley
The angled intersection between two roof planes where water collects and runs off the roof. Valleys are often protected with special metal flashing because they must handle heavy water flow without leaking.
Valuation
The estimated worth or price. The act of valuation by appraisal.
Vapor barrier
A material such as plastic that prevents the passage of moisture.
Variable interest rate
A loan that has rates that rise and fall based on factors including changes in the rate paid on bank certificates of deposits or Treasury bills.
Variable rate
An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.
Variable rate mortgage (VRM)
A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.
Vaulted ceiling
An elongated half-cylinder that arches above the floor.
Veneer
A thin facing material that is applied over a structural base
Vent
A pipe that allows air to flow in a drainage system.
Ventilation
The process of replacing stale air with fresh air, usually by circulation through a series of vents or a mechanical system such as an air conditioner.
Verification of deposit
Part of the loan process, in which a lender will ask a borrowers bank to sign a statement verifying the borrowers account balances and history.
Verification of employment
A loaning process, in which a lender asks the borrowers employer for confirmation of the borrowers position and salary.
Vestibule
A small entrance hall or room.
Victorian style
An architectural style that dates from the mid-19th century.
Vinyl-clad windows
Wood windows sheathed in vinyl on the outside.
Violation
An act, deed, or condition contrary to the permissible use of property.
Visqueen
A brand of polyethylene sheet used to cover the ground in a crawl space.