Valance - A short curtain forming a border between a window and the ceiling or a short trim board connecting the top of kitchen cabinets to the ceiling.

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, 6 mil polyethylene plastic sheeting is used.

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

Vaulted Ceiling - A ceiling that slopes up to a peak.

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 that 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.

Vestibule - A small lobby or entrance room.

Vinyl - A synthetic type of siding used for its economic value and durability.

Vinyl Composition Tile - These floor tiles are made from vinyl resins and filler materials to create resilient flooring in assorted colors and patterns.

Vinyl Sheet Flooring - Resilient flooring, available in roll form, providing an installation with few seams.

Volt - A unit that measures the amount of electrical pressure.

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.