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Mintrates Mortgage Glossary Mortgage Glossary

Understand the most important lending and mortgage terms. Mortgages can be confusing for the first time home buyer, so let us help explain. Below you'll find explanations for most of the mortgage industry terms.

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“Wrap Around” Mortgage
Waiver
Walk-through
Warehouse fee

 

What is “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"…
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What is Waiver? Voluntary relinquishment or surrender of some right or…
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What is Walk-through? A final inspection of a home to check for problems that may need to be corrected before…
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What is Warehouse fee? Mortgage firms often borrow funds from a warehouse lender on a short-term basis in order to originate loans that will later be sold to investors in the secondary mortgage market. Lenders may charge a…
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