How to Get a Wraparound Mortgage for a Home

Video Transcript

"Hi, so you're wondering what a wraparound mortgage is or you're perhaps looking to get one from a seller. No problem, I'll be able to tell you how to get that and what a wraparound mortgage is. My name is Adriel Torres and I'm the owner of Ultimate Credit Today.Com. Basically a wraparound mortgage is a mortgage that you obtain from a seller wrapping around the existing mortgage on his property. You basically come to terms on the purchase price and the rate and the seller gives you the mortgage based around his mortgage. He may charge you a little bit higher on his rate to compensate for the financial stress, if you will, that he may be taking to give you he mortgage cause most wraparound mortgages are based on you alone and not on your credit unlike regular mortgages that are based on credit and income. The seller maybe someone that you know or perhaps someone that knows or just trying to get a mortgage real fast or you don't qualify and maybe able to help you with the financing. So that's what a wraparound mortgage is. Essentially a mortgage that wraps around the existing mortgage on the property that you're going to be buying. Ok. So that's exactly what a wraparound mortgage is and how it works. My name is Adriel Torres and I'm the owner of Ultimate Credit Today.Com. Thank you very much."