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Wrap Around Mortgage: This is when you take all of the mortgage loans you own, in the case you are buying before you sell, and consolidate all of the outstanding balances into one loan.
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Loan Guarantee Entitlement: The amount of money that you can get from the VA for guaranteeing your home mortgage loan.
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Wall Street Journal Prime Rate: This is the rate that banks set on interest for mortgage loans. It is posted in the Wall Street Journal and is based on various banks in order to get an average current market interest rate.
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Loan Servicing: The maintenance required for any given loan. In the case of a mortgage loan with an escrow account, the servicing is needed to take the monthly mortgage payment and split the money between the principal, interest, and the escrow account. T
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Walk Through: This is the final step before moving into a home. After the sellers have moved out of the home, the buyers get to walk through the home with the selling agent and make sure it is in the condition it was when they agreed to purchase the prope
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Loan Approval: When the lender agrees to loan money to a borrower based on information such as income, debt, assets, employment, and credit worthiness.
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Walk Away Lease: In the case of a lease to own agreement on a home, this allows the person leasing to decide at the end of the lease if they want to walk away without purchasing.
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Loan: When money is given to a second party with the legal stipulation that the second party pay back that money in accordance with the terms of the agreement.
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Lifetime Cap: This is the highest interest rate than can be charged over the life of the loan with an adjustable rate mortgage.
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Waiver: This is when a person signs a contract to give up their rights or claims to an asset or liability.
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