MORTGAGE TERMINOLOGY

Walk-through

An inspection of a property by the prospective buyer prior to closing on a mortgage.

Ways of Obtaining a Loan

You have several ways to get a mortgage. Your loan interview can take place, in whole or in part, over the telephone, over the Internet, or in person. Approved lenders have a variety of options when it comes to helping you get the mortgage that's right for you. Many lenders have Web sites that let you fill out an application online, which can save you time. Other lenders may work with you over the telephone. Review our approved lenders list in the Find a Lender section to locate the lender that provides the services you prefer.

Waiver of Lien

The written evidence from a contractor or supplier, surrendering the right of lien to enforce collection of debt against a property.

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.

Wood Destroying Insect Information, Existing Construction (VA Form 26-8850/HUD Form 92053)

A form used to report the findings of a pest control operator, in response to a condition imposed on conditional commitment or CRV, that an existing property be inspected for insect damage.

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.