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Home Buyers Guide



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  Waiver
  Relinquishment of a right.
  Warehousing
  The borrowing of funds by a mortgage banker on a short-term basis using permanent mortgage loans as collateral. This form of interim financing is used until the mortgages are sold to a permanent investor.
  Warranty Deed
  A deed conveying the title to a property with a warranty of clean, clear marketable title.
  Wraparound Mortgage
  Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.
  Wraparound
  The debt secured includes an existing debt already on the property. The payments made to the holder of the wraparound include payments due on the existing loan and the holder must forward the appropriate portion of each payment to the existing noteholder. Often used to avoid a PREPAYMENT PENALTY or a DUE ON SALE CLAUSE. Can refer to a wraparound DEED OF TRUST or CONTRACT FOR DEED.
  Yield
  The ratio of investment income to the total investment amount over a given period of time.
  Zoning
 
Regulation of private land use and development by local government.

Wall Street Financial Corporation 75 Lane Road, Fairfield, NJ 07004
Licensed Lender by the NJ Department of Banking and Insurance. Also licensed lenders in the states of PA, FL, CT, MD, SC, DE, and Virginia State Corporation Commission. Registered Mortgage Broker in New York State securing mortgages through a 3rd party lender. Tel. 888-508-5626, fax. 973-808-8868
Email: customer_support@wsfc.net