What Is A Wraparound Mortgage?
A wraparound mortgage is a new mortgage that includes the remaining balance on an old mortgage, plus a new amount.
Popular Mortgage Questions
Popular Mortgage Glossary Terms
A borrower, usually refinancing rather than purchasing a home, who allows a lock to expire when interest rates go down in order to lock again at the lower rate. ...
The number of months for which the initial interest rate holds on an ARM. ...
The date on which the closing occurs. On a purchase transaction, there is no financial advantage to the buyer/borrower in closing on any day of the month, as compared to any other day. ...
In connection with a home, the value of the home less the balance of outstanding mortgage loans on the home. ...
Same as term Points: An upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., '3 points' means a charge equal to ...
The maximum allowable increase in the interest rate on an ARM each time the rate is adjusted. It is usually one or two percentage points. ...
A rate lock, plus an option to reduce the rate if market interest rates decline during the lock period. ...
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 ...
After reaching a certain annual income, you might be interested in finding the definition of a jumbo mortgage. What is a jumbo loan? It is something like a mortgage with ...
Have a question or comment?
We're here to help.