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Wrap Around Mortgage
- A creative financial tool
Wrap Around Mortgage financing allows you
to purchase property without having to qualify for a loan or pay closing costs.
A wrap around mortgage, also called an all inclusive trust deed, is a creative
financing tool where a new mortgage is placed in a subordinate (secondary) position
to the original mortgage and the new mortgage includes the unpaid balance of first.
Here's how it works: - The seller holds onto the existing mortgage
- The seller names the property's selling price
- The seller offers the buyer
a loan at a higher interest
rate than the existing mortgage - The buyer pays
the seller a fixed monthly amount and
- The seller uses part of this money towards
the existing loan.
*The lender's incentive is to profit from the difference
in interest
in the two loans.
Unlike an installment sales contract
where the buyer gets title (ownership) of the property at closing and the original
mortgage stays in place (not common since most mortgages have a due-on-sale clause),
the wrap around mortgage is a creative way to allow a buyer to purchase property
without having to qualify for a loan or to pay closing costs. The contract is
made between the buyer and seller with seller remaining on the original mortgage
and title.
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