Glossary - V

Vacating Fee
A fee charged on the release of property title deeds following redemption of a mortgage.
VAL
Abbreviation for the term valuation.
Valuation
When a surveyor values your property.
Valuation Fee
This a fee paid by the borrower for the lender's inspection of the property.
Variable Rate
An interest rate that will vary over the term of the loan.
Verification Of Employment
Most lenders will contact your employer to confirm you work there and your paid regularly.
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