Underlying Mortgage


Definition of "Underlying mortgage"

Mark Calhoun real estate agent
Mark Calhoun, Real Estate Agent RE/MAX

The first mortgage on property when other mortgages exist as well, as in the case of a wraparound loan. For example, the total amount financed might be %200,000 of which the first lien is for $80,000 while the balance of the wraparound is $120,000.

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