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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
Waiver Voluntary relinquishment or surrender of some right or privilege
Walk-through A final inspection of a home to check for problems that may need to be corrected before closing
Wrap Around Mortgage A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the "Wrap Around" mortgagee, who then forwards the payments on the first mortgage to the first mortgagee. These mortgages may not be allowed by the first mortgage holder, and if discovered, could be subject to a demand for full payment.

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