{"id":3017,"date":"2017-09-12T08:08:13","date_gmt":"2017-09-12T12:08:13","guid":{"rendered":"https:\/\/www.zolo.ca\/news\/?post_type=encyclopedia&#038;p=3017"},"modified":"2021-08-03T14:13:28","modified_gmt":"2021-08-03T18:13:28","slug":"wrap-around-mortgage","status":"publish","type":"encyclopedia","link":"https:\/\/www.zolo.ca\/blog\/glossary\/wrap-around-mortgage","title":{"rendered":"Wrap-Around Mortgage"},"content":{"rendered":"<p>A&nbsp;wrap-around mortgage is a type of loan that allows a buyer to purchase a real property even if they are already paying off an existing <a href=\"https:\/\/www.zolo.ca\/blog\/glossary\/mortgage\">mortgage loan<\/a>. A wrap-around loan, also known as a &#8220;wrap&#8221; or an &#8220;all-inclusive mortgage&#8221; allows a buyer to increase their total financing through either a second lender or from the home seller. The new lender, then, assumes the payment of the buyer&#8217;s existing mortgage on condition that they provide the buyer with a new, larger mortgage loan. The benefit to the buyer is they obtain a larger mortgage loan. The benefit&nbsp;to the bank or seller is they can charge a higher interest rate for the new wrap around mortgage.<\/p>\n","protected":false},"author":3,"template":"","meta":[],"class_list":["post-3017","encyclopedia","type-encyclopedia","status-publish","hentry","encyclopedia-tag-umbrella-mortgage"],"_links":{"self":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/encyclopedia\/3017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/encyclopedia"}],"about":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/types\/encyclopedia"}],"author":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"wp:attachment":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media?parent=3017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}