A wraparound mortgage is a type of financing where a borrower receives a second mortgage to guarantee the payments on a first mortgage.
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A wraparound mortgage, more commonly known as a "wrap", is a form of secondary financing for the purchase of real property. The seller extends to the buyer a junior mortgage which wraps around and exists in addition to any superior mortgages already secured by the property.
A wrap-around mortgage is a loan transaction in which the lender assumes responsibility for an existing mortgage. For example, S, who has a $70,000 mortgage on his home, sells his home to B for $100,000.
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A wrap around mortgage is a home loan from a home owner to a prospective buyer that "wraps around" the existing mortgage on the home. The home buyer then pays a monthly mortgage payment to the home seller and the home seller continues paying on the original mortgage.
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A wrap-around mortgage is one of the many creative real estate financing strategies that an investor can incorporate into their arsenal. Considered one version of seller financing, wraparound mortgages gives buyers an opportunity to make mortgage payments directly to the seller of a property, instead of taking out a conventional mortgage.
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A wrap around mortgage is a three-way agreement between the buyer, the seller and the original lender on the home. Both the buyer and seller are closely involved in the success of a wrap around agreement, as the buyer must make timely payments to the seller and the seller must make timely payments to the original lender.
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