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 Loan Terms

Loan Definitions
Loan Terms (A)
Loan Terms (B)
Loan Terms (C)
Loan Terms (D)
Loan Terms (E)
Loan Terms (F)
Loan Terms (G)
Loan Terms (H)
Loan Terms (I)
Loan Terms (J & K)
Loan Terms (L)
Loan Terms (M)
Loan Terms (N)
Loan Terms (O)
Loan Terms (P & Q)
Loan Terms (R)
Loan Terms (S)
Loan Terms (T)
Loan Terms (U & V)
Loan Terms (W)
Loan Terms (X,Y,Z)


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The Mortgage Process


Loan Terms and Definitions (W)

Wages: Payments given to individuals who have been hired to do specific jobs. Wages can be in the form of daily, weekly, or monthly salaries or by commissions or other forms of payment.

Warehousing Loans: The depositing of loans, by mortgage companies and other lenders, into banks to borrow against or to sale for a higher price at a later date if interest rates decline.

Warranty: A promise, usually legal and binding, made to a buyer at the close of escrow by the seller concerning the condition of the property being purchased.

Warranty Deed: A deed used in certain states that is used to convey title to real property.

Wealth: In real estate terms, wealth is an accumulation of personal and real property that has economic and monetary value.

Will: A legal declaration of intentions by one or more individual's as to the disposition of money, real estate, and personal property, to be divised after they die.

Withholding: A deduction that is collected from an employee's paycheck by an employer. The employer is responsible for sending the deduction to the Internal Revenue Service (IRS) on the employee's behalf.

Without Recourse: Verbage in a mortgage or deed of trust that states that a lender can only seek remedy from the property for repayment in case of a default and not from the borrower.

Wrap-Around Mortgage: A mortgage in which the buyer of a property makes monthly payments to the former owner and then the former owner makes the mortgage payments to the original mortgage holder.

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