WCR
Wainscoting
Waive
Waiver
Walk-up
Warehousing
Warrant
Warranted value
Warranty deed
Warranty of authority
Waste
Water rights
Water softener
Water table
Waterpower rights
Wear and tear
Wild document
Will
Will-cut cruise
Without recourse
Women's Council of Realtors, WCR
Words of conveyance
Workers' Compensation
Working capital
Working drawing
Wrap-around loan
Writ of attachment
Writ of execution
|
You chose: Wrap-around loan
A financing device used when it is not feasible or desirable to pay off the first mortgage whereby a lender assumes the payments on a borrower's existing loan and takes a new junior mortgage from the borrower that has a face value in an amount equal to the amount outstanding on the old mortgages plus the additional amount of money borrowed. |
