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Mortgage Glossary
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WAREHOUSE FEE:
Charge to a borrower to cover the costs of the lender taking short term loans from other lenders to cover the borrower's mortgage.
WAREHOUSING:
The process of assembling mortgages for sale to the secondary mortgage market.
WEEKLY PAYMENTS:
An alternative to the more traditional monthly payments on a loan or mortgage. Results in faster pay-down of principal, lower total interest paid.
WIRE TRANSFER:
The movement of funds from one place to another electronically.
WRAPAROUND MORTGAGE:
A secondary financing option in which new money borrowed is blended with money already owed and registered on title to the property. A second mortgage is registered as security for the new money but the old mortgage remains in existence and the rate of interest is a blend of the rate chargeable on the old mortgage and the rate chargeable on the newly borrowed money.
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This glossary is a compilation of terms commonly used in the real estate, mortgage and construction industries. This publication has been created to provide general overview information with regard to these industries, and while generic, this information may not be applicable to all juristictions. It is provided with the understanding that the publisher is not engaged in the rendering of legal, mortgage or any other professional advice or services. If legal advice or other expert assistance is required or needed, the services of the appropriate professional should be sought and you should not rely on the information found herein. | |
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