Debt Consolidation Glossary

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Term	Definition
Waiver	Relaxing a requirement pertaining to the eligibility of a loan. Waivers may include permitting less documentation than would otherwise be required.
Wraparound	Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.