Wrap Around Mortgage
The definition for 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.
Adjustable Rate Mortgages (arms)Adjustable Rate Mortgages (arms)
Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Mortgage Loans (AML'S), Flexible Rate Loans, Variable Rate Loans.
All inclusive Trust Deed (wrap around mortgage)All inclusive Trust Deed (wrap around mortgage)
A financing technique which involves the creation of a new trust deed which includes the balance due on the existing note plus any new funds advanced.
Blanket MortgageBlanket Mortgage
(1) A mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision. (2) A mortgage covering all real property of the mortgagor, both present and future. When used in this meaning it is also called a "general mortgage".
Further Suggestions Direct Reduction Mortgage
Federal National Mortgage Association
Gnma (government National Mortgage Association) Options
Graduated Payment Mortgage
Growing Equity Mortgage (gem)
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