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Simple English definitions for legal terms

wraparound mortgage

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A quick definition of wraparound mortgage:

A wraparound mortgage is a type of loan where a lender takes over the payments on the borrower's first mortgage and also lends additional funds. This new mortgage covers both the outstanding balance of the first mortgage and the additional funds loaned. It is also known as an extended first mortgage or all-inclusive mortgage.

A more thorough explanation:

A wraparound mortgage is a type of second mortgage that is issued when a lender assumes the payments on the borrower's low-interest first mortgage, usually issued through a different lender, and lends additional funds. This mortgage covers both the outstanding balance of the first mortgage and the additional funds loaned.

For example, if a borrower has a first mortgage of $100,000 with a low-interest rate, and they need an additional $50,000, they can get a wraparound mortgage for $150,000. The borrower will make payments on the wraparound mortgage, which will include the payments for the first mortgage and the additional funds borrowed.

Wraparound mortgages are also known as extended first mortgages or all-inclusive mortgages.

wrap account | wrap-fee account

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Dkk
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I will apply to Yale if it helps the cause.
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Dkk
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Commits to kys when I commit to kms the same day. What a crazy november 5th.
[] baddestbunny
16:02
kms isn't even a t50 you should r&r
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HopefullyInLawSchool
16:03
isnt r&r a t50?
keep popping benadryls and ill stay online
law school chat roulette
[] baddestbunny
16:04
living out the plot of the movie unfriended in the yale invite-only webinar
You were only invited to round out the numbers anyway lol
Dkk
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I'm too old to r&r, just gunna kms rn.
Dkk
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Gotta get this show on the road.
Dkk
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Lmfao
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washu stop emailing me while I’m waiting for a decision challenge
[] baddestbunny
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I'm not in their webinar I just thought it would be a funny thing to have happen
[] baddestbunny
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bc I have a sense of whimsy and imagination
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