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erickinney01 · Joined: 02 Aug 2009 Posts: 51 0.00 Dollars($)

what is the meaning of wrap-around mortgage? what are various pros & cons of it?

appletongary · Joined: 09 Aug 2009 Posts: 20 0.00 Dollars($)

A wrap-around is one type of seller-financing. Wraparound mortgage also known as an all inclusive trust deed, which allows you to purchase property without having to qualify for a loan or to pay closing costs

Right now only FHA and VA loans are assumable without the permission of the lender.

Other fixed-rate loans carry "due on sale" clauses, which require that the mortgage be repaid in full if the property is sold. Due-on-sale prohibits a home purchaser from assuming a seller’s existing mortgage without the lender’s permission. If permission is given, it will always be at the current market rate.

it is important to know that some states do not allow them. You will need to check that out before proceeding with one

arya310706 · Joined: 29 Jul 2009 Posts: 48 0.09 Dollars($)

A wraparound mortgage can be an excellent way to obtain commercial property with little business credit history.

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Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Check the good post from Sam

http://www.mortgagefit.com/wraparound.html

Good luck and feel free to ask

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