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Real Estate Glossary (W, X, Y & Z)


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The relinquishing of a right



A guarantee provided to the purchases regarding the quality of appliances or fixtures sold

Also a promise by the grantor of a piece of property that he or she is responsible to the buyer if the title of ownership is defect in any way

Warranty deed


A document conveying ownership of a property that guarantees a clear, clean title

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.

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.



A written document stating how an individual chooses to have his or her property distributed after his or her death

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.




The regulation by local government of the use and development of private land


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