Wrap Around Mortgage

 

Home
Site Map
Add Term
Search
About Us
Contributors

Wrap Around Mortgage

A second or junior mortgage with a face value of both the amount it secures and the balance due under the first mortgage. The mortgagee under the wrap-around collects a payment based on its face value and then pays the first mortgagee. It is most effective when the first has a lower interest rate than the second, since the mortgagee under the wrap-around gains the difference between the interest rates, or the mortgagor under the wrap-around may obtain a lower rate then if refinancing.



Wrap Around Mortgage

Similar Matches

Secondary mortgage market

Secondary mortgage market

Buying and selling existing mortgage loans, which are often pooled and traded as mortgage-backed securities.


Assumable mortgage

Assumable mortgage

A mortgage that can be transferred to another borrower.


Equitable Mortgage

Equitable Mortgage

(1) A lien against real property (mortgage)which is enforceable in a court of equity, but does not legally constitute a mortgage. (2) A deed given as security for a debt will be held to be a mortgage rather than a transfer of title. Also called a constructive mortgage.


Mortgage broker

Mortgage broker

An independent agent who shops around for the best mortgage deal on behalf of his clients.


Government National Mortgage Association

Government National Mortgage Association

In the US, a government-owned corporation which guarantees payment of interest and principal of mortgage-backed pass through securities. The corporation is nicknamed Ginnie Mae.


Further Suggestions

variable rate mortgage
Mortgage debt
Renegotiable Rate Mortgage
Pension mortgage
Closed end mortgage
Take back mortgage
mortgage agreement in principle
remortgage
Guarantee mortgage
Flexible mortgage
Reverse annuity mortgages (RAM)
Mortgage Broker
Growing Equity Mortgage (gem)
Owner Will Carry Mortgage
Adjustable rate mortgage (ARM)
Blanket Mortgage
Capped rate mortgage
Mortgage reference fee
Self amortizing mortgage
First mortgage
Residential mortgage
Self build mortgage
Mortgage pipeline
Self certification mortgage
Mortgage duration


 
All rights Reserved. Do not copy without permission.