Real Estate Glossary

Real Estate Law Glossary

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There are currently 3 names in this directory beginning with the letter V.

Variable-rate Mortgage

A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market interest rates. If market rates go up, a larger portion of the payment goes to interest. If rates go down, a larger portion of the payment is applied to the principal.

Vendor

The vendor is the current owner of the property who is selling it.

Vendor-take-back Mortgage

When sellers use the equity in a property to provide some or all of the mortgage financing in order to sell the property.