Real Estate Glossary and Terms
Realty Terms beginning with V
Variable Rate Mortgage
A mortgage where the interest rate varies during the term of the mortgage, usually based on the prime bank rate or the GIC rate of the lender.
Variable Interest Rate
The percentage paid by a borrower for the use of funds. This interest rate moves up or down periodically due to changes in other interest rates.
See "Variable Interest Rate."
Vendor Take Back
In order to sell a property, the seller will provide all or some of the financing to ensure the transaction.