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Welcome > Resources > Real Estate Dictionary - A
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Waiver |
The relinquishing of a right |
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Warranty |
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 |
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Warranty deed |
A document conveying ownership of a property
that guarantees a clear, clean title |
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Will |
A written document stating how an individual
chooses to have his or her property distributed after his or her
death |
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Wraparound loan or Wraparound
mortgage |
A method of refinancing which covers the
remaining balance on an existing first mortgage as well as the additional
amount of loan being requested by the mortgagor; full payments covering both
mortgages are made to the Wraparound mortgagee, who then forwards on the
portion of payment due to the first mortgagee |
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Did I Miss the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me be your personal real estate dictionary! I'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly...
Financing Your Home >Your Mortgage
Many homeowners overlook the mortgage payment as a tool for financial management. They get the mortgage, move in, make the payments, and pay off the loan eventually. Smart homeowners know that by properly adding to their monthly payments, even by a small amount, they can substantially reduce the term of their loan, not to mention the total interest they will pay. In fact, prepaying one full year of a standard mortgage can save thousands of dollars in interest. The key is to do it properly and to find the right lender for whom prepayment is not a problem.
More progressive lenders allow the option to add money to the monthly payment which goes directly to the principal. How much should you add? It's largely a personal decision, and it depends on your cash flow. But be mindful of the fact that the mortgage interest rate is probably the lowest interest loan you will find, so don't short yourself with prepayment only to run up credit card debt!
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| Q |
Where was the great land boom (1919) in which investors paid up to $25,000 for lots not yet dredged up from the ocean?
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| A |
The great Florida land boom brought hundreds of investors to the state after Carl Fisher founded Miami Beach in 1919. |
 See More Real Estate Trivia > |
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Deborah Herridge
Keller Williams Towne Square Realty
55 Madison Avenue
Suite 400
Morristown, NJ 07960
Direct: 201 400 2980
Office: 973 539 1120
Fax: 201 299 4819
Deborah@TheHerridgeGroup.com
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NUMBER1EXPERT®
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- NUMBER1EXPERT 
