– Wrap
Wrap A wrap means a wrap around mortgage. It’s called a wrap because it’s a type of seller financing where the seller agrees to create a brand new mortgage that wraps around the existing financing. The existing financing could be the first mortgage or first and second mortgage. You need to get permission from the […]
Wrap Around Mortgage Course
What is a Wrap-Around Mortgage? A wrap-around mortgage (or “wrap loan”) is a type of seller financing where the seller creates a new, larger mortgage that “wraps” around the existing underlying mortgage. The buyer makes payments to the seller, and the seller uses a portion of that money to continue making payments on the original first mortgage. […]