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  Wraparound Mortgage Definition
Wraparound Mortgage A type of refinancing that allows you to borrow more money from a second loan while still retaining your original mortgage. Your entire mortgage payment is made to the lender of your wraparound mortgage, and they will in turn send the payments for your first mortgage to your primary mortgage lender. If interest rates have increased since the time of your first mortgage, this allows you to obtain extra cash without refinancing your entire first mortgage at a higher interest rate.

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