CANADIAN MORTGAGE GLOSSARY TERMS
Here is a simple glossary of Canadian 
mortgage lending and finance related
terms.
To find the term you are looking for
quickly, simply click on the letter below.
mortgage lending and finance related
terms.
To find the term you are looking for
quickly, simply click on the letter below.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
W
Waiver
The deliberate and voluntary relinquishment or surrender of a claim, right, or privilege.
Walk-away Lease
The most common type of vehicle lease where the lessee may return the vehicle at the end of the lease term, pay any end-of-lease costs, and the lease agreement is finished.This type of lease is also known as a closed-end lease. With this type of lease the lender assumes the risk of predicting the value of the vehicle (residual value) at the end of the lease term. Closed-end lease payments are somewhat higher than open-end lease payments.
Walk-through
The buyer's final inspection of a property which is being purchased is called a walk-through. This final inspection generally takes place on the day of closing or one day prior to ensure all the conditions of the sale have been met.
Warehousing
The temporary advancement of a trust company's own funds in disbursing mortgage loans pending sale to investor clients for whom the loans were originated.
Warranty
1. A guarantee given by a company to the purchaser which states that a product is reliable and free from known defects and that the seller will, without charge, repair or replace defective parts within a given time limit and under certain conditions. 2. In real estate, warranty refers a document certifying clear title a property.
Waste
Any destructive act which permanently reduces the value of the security.
Witness
An individual who signs his or her name to a document for the purpose of attesting to its authenticity. For example, a witness is usually required to sign a deed, will or other legal document.
Workout
A type of mortgage where basic terms such as interest rate, term, and monthly payment are altered to prevent foreclosure. This is not a typical practice in Canada.
wraparound mortgage
A special form of second or junior mortgage granted against security of a property that is already mortgaged, whereby a new mortgagee assumes (that is, takes over) the obligation to pay interest and principal on the existing or ‘in-place’ mortgage (without assuming or extinguishing that mortgage, which retains its priority) and makes a further ‘wrap-around’ advance to the mortgagor. “A junior mortgage that secures a promissory note with a face amount equal to the sum of the principal balance of an existing mortgage note plus any additional funds advanced by the second lender.
Writ
A form of written command in the name of sovereign, state, court, etc. issued to an official or other person and directing him or her to act or abstain from acting in some way.