What Is A Wraparound Mortgage?
Definition of "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
Someone authorized by the original credit card holder to use the holder's card. While authorized users are not responsible for paying any charges, including their own, they are sometimes ...
The specific interest rate series to which the interest rate on an ARM is tied, such as 'Treasury Constant Maturities, One-Year,' or 'Eleventh District Cost of Funds.' ...
Fees collected by a loan officer from a borrower that are lower than the target fees specified by the lender or mortgage broker who employs the loan officer. An underage is the opposite ...
A condominium project with features that lenders view as favorable in terms of their risk exposure on loans secured by individual condo units. The requirements of warrantability include ...
A rate lock, plus an option to reduce the rate if market interest rates decline during the lock period. ...
On an ARM, the assumption that the value of the index to which the interest rate is tied does not change from its initial level. ...
The month in which a zero loan balance is reached. The payoff month may or may not be the loan term. ...
An option attached to a mortgage, which allows the borrower to pay only the interest for some period. A mortgage is 'interest only' if the monthly mortgage payment does not include any ...
A contribution to a borrower's down payment or settlement costs made by a home seller, as an alternative to a price reduction. ...
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