W-Y Terms

W

Warehouse – A closing-cost fee representing the lender’s cost of holding a borrower’s loan temporarily prior to being sold on the secondary mortgage market.

Y

Year Acquired – The date you acquired your existing mortgage, used to determine your remaining balance.

Year-End Statement – A report sent to the borrower each year. The report shows how much was paid in taxes and interest during the year, as well as the remaining mortgage loan balance at the end of the year.