Wrap Around Loan Definition
Definition of "Wrap-Around Mortgage". A mortgage loan transaction in which the lender assumes responsibility for an existing mortgage. A wrap-around can be attractive to home sellers because they may be able to sell their home for a higher price. In addition, if the current market interest rate is above the rate on the existing mortgage,
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Definition of WRAPAROUND LOAN: Refinancing. New mortgage is secondary and covers the existing amount as well as a new amount. The Law Dictionary Featuring Black’s Law Dictionary Free Online Legal Dictionary 2nd Ed.
Wrap Around Loan Wrap Around Loans – noteinvestors.com – A "Wrap Around" or "All Inclusive Deed" or "All Inclusive Contract for Deed" wraps around another loan called the underlying loan. For example, on an investment home there may be a $50,000 underlying loan written at 10% interest.
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A wraparound mortgage, commonly referred to as a wrap loan,’ is a category of loan that encompasses the outstanding debt due on a property, plus the amount that covers the new purchase price (hence the phrase wrap around mortgage’). Wraparound mortgages are considered a type of junior loan, or second mortgage, as the loan is taken out while using the same property as collateral.
A wraparound mortgage is a type of junior loan which wraps or includes, the current note due on a property.
A wrap-around mortgage is an example of creative financing. With a wrap-around mortgage, the original mortgage and the title remain in the seller’s name, and the seller continues to make payments on the mortgage. The seller and the buyer agree on a down payment from the buyer;
Definition of wraparound loan: refinancing technique in which the new mortgage is placed in a secondary, or subordinate, position; the new mortgage includes both the unpaid principal balance of the first mortgage and whatever.
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Definition. The wrap is secured by a promissory note and mortgage document. The amount of the face value of the wrap is the sum of the outstanding balance on the existing mortgage plus the additional funds advanced to the borrower by the wraparound lender, with the result that the wrap "wraps around ".