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Houston Mortgage > Glossary >
Credit Repair > W 1-10
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Waiver
The intentional and voluntary giving up of rights or claims.
Walk-away lease
The most common type of car lease, also known as a closed-end lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over. In a closed-end lease, the lender assumes the risk of predicting the value of the vehicle (its residual value) at the end of the lease's term. Closed-end lease payments are somewhat higher than open-end lease payments.
Wall Street Journal prime rate
The Wall Street Journal surveys large banks and publishes the consensus prime rate. It's the most widely quoted measure of the prime rate, which is a common benchmark for consumer and business loans set by banks, often at a level 3 percentage points higher than the federal funds rate. The prime rate will move up or down in lock step with changes by the Federal Reserve Board.
Warranty
1. A document certifying clear title to real estate. 2. A guarantee from a dealer or a manufacturer that a vehicle or product will perform as expected or specified. An auto warranty usually covers specified mechanical problems for a set number of miles or period.
Workout
A mortgage in which basic terms -- such as interest rate, term and monthly payment -- have been changed to prevent foreclosure.
Wraparound mortgage
A refinanced home loan in which the balances on all mortgages are combined into one loan.
WSJ prime rate
The initials stand for the Wall Street Journal, which surveys large banks and publishes the consensus prime rate. It's the most widely quoted measure of the prime rate, which is a common benchmark for consumer and business loans set by banks, often at a level 3 percentage points higher than the federal funds rate. The prime rate will move up or down in lock step with changes by the Federal Reserve Board.
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