Mortgage   Everything you need to know about mortgages.

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what is...
WRAPAROUND MORTGAGE
Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking their share.

    Courtesy of the Mortgage Glossary
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