wraparound mortgage
1wraparound mortgage — n. A second mortgage combined with an older mortgage with a lower interest rate than the current one, which results in a new interest rate between the old and current mortgages; the borrower makes payments to the new lender, who in turn makes… …
2wraparound mortgage — A second mortgage that takes over the first. The first mortgage loan is not paid off. Instead, the borrower makes payments to the second mortgage lender for the debt service of both the first and second liens. The second lien holder then makes… …
3Wraparound Mortgage — A type of loan that enables a borrower who is paying off an existing mortgage to obtain more financing from a second lender or seller. The new lender (typically a bank or the seller of the real property) assumes the payment of the existing… …
4Wraparound mortgage — A wrap around mortgage is a form of secondary financing in which a seller extends to a purchaser a junior mortgage which wraps around and exists in addition to one or more superior mortgages. Under a wrap, a seller accepts a promissory note from… …
5wraparound mortgage — a mortgage, as a second mortgage, that includes payments on a previous mortgage that continues in effect. [1970 75] * * * …
6wraparound mortgage — A second mortgage which wraps around or exists in addition to a first or other mortgages. Form of secondary financing typically used on older properties having first mortgages with low interest rates in which a lender assumes the developer s… …
7wraparound mortgage — a mortgage, as a second mortgage, that includes payments on a previous mortgage that continues in effect. [1970 75] …
8wraparound mortgage — / ræpəraυnd ˌmɔ:gɪdʒ/ noun US a type of second mortgage where the borrower pays interest only to the second lender (who then pays the interest payments on the first mortgage to the first lender) …
9Mortgage loan — Mortgage redirects here. For other uses, see Mortgage (disambiguation). Finance Financial markets …
10mortgage — /morgaj/ A mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. At common law, an estate created by a conveyance absolute in its form, but intended to secure… …
