Morgage Glossary of Common Loan Terms   V Vacation Home See second home. VA Loan Home loan guaranteed by the U.S. Veterans Administration, enabling a veteran to buy a home with no money down. Variable Rate Mortgage See Adjustable Rate Mortgage Verification of Deposit (VOD) A document signed by the borrower's bank or other financial institution verifying the account balance and history. Verification of Employment A document signed by the borrower's employer verifying his/her starting date, job title, salary and probability of continued employment. W Waiver The voluntary renunciation, abandonment, or surrender of some claim, right, or privilege. Walk-Through Inspection A final walk-through immediately prior to closing to verify that no changes have taken place and no new damage has occurred. Warehousing Mortgage bankers and other financial institutions make bankruptcy loans that are then periodically sold on the secondary market. After the loan is made but before it is sold, the loan is said to be in the lender's warehouse. Warranty Deed A deed conveying the title to a property with a warranty of a clear marketable title. Wear and Tear Normal use and the resulting reduction in value of a property. Web Portal Commonly referred to as simply a portal, a Web site or service that offers a broad array of resources and services, such as e-mail, forums, search engines, and on-line shopping malls. The first Web portals were online services, such as AOL, that provided access to the Web, but by now most of the traditional search engines have transformed themselves into Web portals to attract and and keep a larger Start A Debt Settlement Company audience. Wraparound Mortgage A loan arrangement whereby the existing loan is retained and a new loan is added to the property. Example : The seller sells his/her property for $200,000. The buyer puts $80,000 down. The seller has an existing loan balance of $100,000 for a remaining period of twenty-five years at an interest rate of 6 percent. The seller then makes a wraparound mortgage to the buyer, (where the seller acts as a lender) for $120,000 at 8 percent. The seller has to continue making payments on his old loan. They buyer has to pay the seller on the new loan. The buyer may at a later date refinance the property and close both loans. WYSIWYG What You See Is What You Get. Computer software may display data on the computer screen with a format and color scheme that is different when you print the page or when you view it in a Web browser. Software that is WYSIWYG will print and look the same as what you see on the screen in the WYSIWYG. Z Zero Lot Line A form of housing where individual debt settlement units are on separate lots, but are attached to one another. Example: PUD, townhouse. Zoning Areas may be zoned to specify use of a property i.e. residential, commercial, agricultural. These zoning ordinances are normally enforced by the city or the county. Use our detailed glossary to familiarize yourself with many of the terms that will be used through out the process of obtaining a loan. The key to being a successful 'borrower' is by making the best decision based on the information available to you. With that in mind we offer this glossary to help you become a more informed 'borrower'.

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