Glossary V

VA LOAN
A long-term, low- or no-down-payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.

VARIABLE RATE MORTGAGE (VRM)
see adjustable rate mortgage

VALUATION
A report as required by the CPF Board and financial institutions, detailing a professional opinion of the property’s value so as to determine the amount of CPF withdrawal and bank financing.

VARIABLE INTEREST RATE
Variable-rate also known as the floating rate is where the interest rates are constantly changing and financial institutions are guided by the Singapore Inter-Bank Offer Rate (SIBOR) to determine the rate to charge for their loans.

VERIFICATION OF DEPOSIT (VOD)
A document signed by the borrower’s financial institution verifying the status and balance of his/her financial accounts.

VERIFICATION OF EMPLOYMENT (VOE)
A document signed by the borrower’s employer verifying his/her position and salary.
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