Waiver
Voluntary relinquishment or surrender of some
right or privilege.
Walk-through
An inspection of a property by the prospective
buyer prior to closing on a mortgage.
Warranty Deed
A document protecting a homebuyer against any and
all claims to the property.
Wraparound Mortgage
A junior mortgage taken back by the seller for the
amount of the properties purchase price less the
buyer's down payment. The existing loan is
retained and combined with a new, larger loan and
the interest rate is set somewhere between the old
rate and the current market rate. A typical
wraparound is an interest only loan with a 5-year
balloon or less.
