Waiver
The intentional or voluntary relinquishment of a known
claim or right.
Walk-Through
A final inspection of a property before it changes ownership.
Warranty deed
A type of deed that contains express assurances about
the legal validity of the title being transferred. See
general warranty deed andspecial warranty deed.
Waste
Allowing or causing a property to suffer damage or undue
wear and tear to the detriment of another person who
has an interest in or claim to the property.
Will
A written statement of a person's wishes for the disposition
of that person's estate after their death.
What-if analysis
An affordability analysis that is based on a what-if
scenario. A what-if analysis is useful if you do not
have complete data or if you want to explore the effect
of various changes to your income, liabilities, or available
funds or to the qualifying ratios or down payment expenses
that are used in the analysis.
What-if scenario
A change in the amounts that is used as the basis of
an affordability analysis. A what-if scenario can include
changes to monthly income, debts, or down payment funds
or to the qualifying ratios or down payment expenses
that are used in the analysis. You can use a what-if
scenario to explore different ways to improve your ability
to afford a house.
Wraparound loan
A secondary financing option in which new money borrowed
is blended with money already owed and registered on
title to the property. A second mortgage is registered
as security for the new money but the old mortgage remains
in existence and the rate of interest is a blend of
the rate chargeable on the old mortgage and the rate
chargeable on the newly borrowed money.
Wraparound mortgage
A mortgage that includes the remaining balance on an
existing first mortgage plus an additional amount requested
by the mortgagor. Full payments on both mortgages are
made to the wraparound mortgagee, who then forwards
the payments on the first mortgage to the first mortgagee.
Writ of execution
A court order which authorizes and directs the proper
officer of the court (usually the sheriff) to carry
into effect the judgment or decree of the court.
|
