mortgage simple definition: What is a Wraparound Mortgage Note?

What is a Wraparound Mortgage Note?

What is a Wraparound Mortgage Note?. Subject-To Investing: (Real Estate Wrap-around mortgage & Subject To for Real Estate Investing)

What is a Wraparound Mortgage Note? video duration 1 Minute(s) 34 Second(s), published by McKinley Mortgage Co., LLC on 11 05 2015 - 22:01:59.

Hi, there
Jennifer Love here with McKinley Mortgage and in today's video blog I will be discussing a wraparound mortgage
You're probably wondering, Bill explains what a wrap mortgage is and how to use it.

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'Consolidating' debt means taking out a new loan to wrap all our existing debts together and pay Subject-To Investing: (Real Estate Wrap-around mortgage & Subject To for Real Estate Investing) How To Buy House Without Using Credit or Bank
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Hi, there. Jennifer Love here with McKinley Mortgage and in today’s video blog I will be discussing a wraparound mortgage.

You’re probably wondering, “Jennifer, what is a wrap?” A wraparound mortgage is a great example of creative financing. You keep your first mortgage in place, however, you’re able to sell your property to a payor who may not qualify for conventional financing.

Let’s face it, in today’s market it is tougher and tougher for anyone to qualify for conventional financing, so this is a great tool for you, as a property owner, to be able to sell your property.

You will create a Note and Deed of Trust between you and your payor. You then take those monthly payments and apply those to your first mortgage.

Can you sell that note that you just created with your payor? You can absolutely still sell that note! However, one of the requirements with selling your note would be to pay off that existing mortgage you may have. That’s something we can do at closing.

A couple of things to keep in mind when you are negotiating with your payor:

• Is there enough equity in the home, if you were to sell this note, to pay off that existing mortgage?

• The larger the down payment, the better it is when you are looking to sell that note.

If you have any further questions, or you wish to speak to one of our Note Appraisers about one of these options, give us a call. We will be happy to discuss this further in detail with you.

Thank you for choosing McKinley Mortgage; A Tradition of Trust!