"I joined the program on line February 7, 2008. I did not wait to receive the packet, I went to the web site and printed out possibilities for our new home. We looked at several properties. In less than two weeks we found what would become our new home. The foreclosed property was already scheduled to go up for bid over the internet. We had to obtain financing and obtain a letter of guaranty and submit an offer to the seller. We offered $131,000.00 and the seller paid 4% of the closing cost. Our new home required some cosmetic work to be done before we could move in. We moved into our new home May 2, 2008 and are very happy with our find. We intend to remain members of Consumer Resource Network for possible investment properties. THANK YOU CONSUMER RESOURCE NETWORK FOR OUR NEW HOME!"

- Steve and Carolyn M.

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Glossary of Terms


We have compiled a list of the most common real estate terms and definitions to assist you in your search for a home. Whether you are a buyer or seller of real estate it is easy to get confused by the language used in real estate transactions. With our comprehensive real estate glossary you can easily navigate through the complicated world of buying and selling a home.

Click in the letter below to see the glossary

A:B:C:D:E:F:G:H:I:J:K:L:M:N:O:P:Q:R:S:T:U:V:W:X:Y:Z


V


VA loans
Loans made by lenders that are guaranteed by the Veterans Administration for veterans. The veteran must have their VA Eligibility Certificate and plan to live in the home. The benefits are a lower downpayment and cost requirements.
valuation
The estimated worth or price. The act of valuation by appraisal.
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.
Veterans Administration (VA)
A key program of the U.S. Department of Veterans Affairs. The Veterans Administration allows most veterans to purchase a house without a down payment.