Realty and Mortgage Terms and Definitions
Waiver - The voluntary abandonment or surrender of some claim, right, or privilege.
Warehousing - The packaging together of many mortgages for the purpose of selling them in the secondary market, usually by a mortgage banker who has originated the loans.
Warranty - A promise contained in a contract.
Warranty Deed - Any conveyance of property from one person or party to another perso or property that in any way Warrants that properties's authenticity by legal description and legal history.
Water Table - Usually defined as the upper-most level at which underground water is normally encountered in a particular area.
Will - A legal document drawn up by a competent individual bequeathing part of or all of that individual's estate to others in the instance of that persons death.
Wire Transfer Fee - A fee charged by some lenders to cover the cost of wiring the mortgage funds to the appropriate parties, such as the title company or attorney, so that they are available for closing. For our comparison purposes, a wire transfer fee is considered to be a third party fee. However, some lenders may not charge for this service.
Wraparound Loan - A loan that includes the remaining balance on an underlying first loan. Instead of having separate first and second mortgages, a wraparound loan has both.