Alberta Equity Mortgages - Mortgage Glossary

30.18% First-time buyer
21.62% Qualification
14.86% No money down
11.71% Refinance
6.53% Renewal
4.73% Purchase
3.15% Pre-approval
2.03% Variable Rate
1.35% Low doc
3.84% Other

Mortgage and Real Estate Glossary

Alberta Equity's glossary contains hundreds of terms. With this tool, you can click or search through the largest real estate and mortgage glossary in Canada!

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Waiver: The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
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.
Walk-through: A buyer's final inspection of a property, usually on the day of closing or the day before.
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.
Witness: To subscribe one's name to a deed, will or other document for the purpose of attesting its authenticity and proving its execution by testifying, if required.
Workout: A mortgage in which basic terms — such as interest rate, term and monthly payment — have been changed to prevent foreclosure. Not a normal practice in Canada.
Wraparound Mortgage: A refinanced home loan in which the balances on all mortgages are combined into one loan.

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Mortgage and Real Estate Glossary