wraparound mortgage

A second mortgage issued when a lender assumes the payments on the borrower’s low-interest first mortgage (usu. issued through a different lender) and lends additional funds.

• Such a mortgage covers both the outstanding balance of the first mortgage and the additional funds loaned.12 CFR § 226.17 cmt. 6.

— Also termed extended first mortgage; all-inclusive mortgage.

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词条贡献者

资深译员Sheldon，毕业于亚洲顶尖的高级翻译学院，擅长翻译有关零售和消费品领域的法律文件。