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.
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