Valley  The "V" shaped area of a roof where two sloping roofs meet. Water drains off the roof at the valleys.

Valley flashing  Sheet metal that lays in the "V" area of a roof valley.

Valuation  An inspection carried out for the benefit of the mortgage lender to ascertain if a property is a good security for a loan.

Valuation fee  The fee paid by the prospective borrower for the lender's inspection of the property. Normally paid upon loan application.

Vapor barrier  A building product installed on exterior walls and ceilings under the drywall and on the warm side of the insulation. It is used to retard the movement of water vapor into walls and prevent condensation within them. Normally, polyethylene plastic sheeting is used.

Variable rate  An interest rate that will vary over the term of the loan.

Veneer  Extremely thin sheets of wood. Also a thin slice of wood or brick or stone covering a framed wall.

Vent  A pipe or duct which allows the flow of air and gasses to the outside. Also, another word for the moving glass part of a window sash, i.e. window vent.

Vermiculite  A mineral used as bulk insulation and also as aggregate in insulating and acoustical plaster and in insulating concrete floors.

Veterans Administration (VA)  A federal agency that insures mortgage loans with very liberal down payment requirements for honorably discharged veterans and their surviving spouses.

Visqueen  A 4 mil or 6 mil plastic sheeting.

Void  Cardboard rectangular boxes that are installed between the earth (between caissons) and the concrete foundation wall. Used when expansive soils are present.

Voltage  A measure of electrical potential. Most homes are wired with 110 and 220 volt lines. The 110 volt power is used for lighting and most of the other circuits. The 220 volt power is usually used for the kitchen range, hot water heater and dryer.