Wraparound Mortgage

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A Wrap-Around mortgage is a type of loan wherein a borrower takes out a second mortgage loan to help guarantee payments. Learn more.

Wrap-Around mortgages are loans in which the lender assumes responsibility for a borrower’s existing mortgage, while creating a new and additional loan for the borrower.

A wrap-around mortgage is a loan transaction in which the lender assumes responsibility for an existing mortgage. For example, S, who has a $70,000 mortgage on his home, sells his home to B for $100,000.

wraparound mortgages, commercial real estate, CRE. A wraparound mortgage transaction has been described as follows: [A] preexisting mortgage (usually of first priority) on the real estate remains in place, while a new "wraparound" mortgage of second priority, generally for a higher balance, is placed on it.

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A wraparound mortgage, commonly referred to as a ‘wrap loan,’ is a category of loan that encompasses the outstanding debt due on a property, plus the amount that covers the new purchase price (hence the phrase ‘wrap around mortgage’). Wraparound mortgages are considered a type of junior loan, or second mortgage, as the loan is taken out while using the same property as collateral.

What is a wraparound mortgage? Normally, if you are selling a house, the buyer will take out a mortgage and use it to pay for the house. Then you can move on to focus on paying for your new house. In the case of a wraparound mortgage, you take out a second mortgage that covers the cost of both your new home and the remaining mortgage on your old home.

A wrap around mortgage is a home loan from a home owner to a prospective buyer that "wraps around" the existing mortgage on the home. The home buyer then pays a monthly mortgage payment to the home seller and the home seller continues paying on the original mortgage.

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Wrap Strategy | Real Estate Investing Basics Wrap around mortgages are also known as "seller carry-back financing" or "a wrap mortgage." In a wrap around mortgage agreement, the buyer obtains a mortgage and title to the house from the seller rather than a bank.