Finance
In Alaska, what is a 'wrap-around mortgage'?
AA mortgage that covers multiple parcels of land
BA new mortgage that encompasses an existing mortgage; the seller receives payments and continues paying the original loan✓ Correct
CA government-backed loan for rural Alaska properties
DA construction loan that converts to permanent financing
Explanation
A wrap-around (or 'all-inclusive') mortgage is a junior loan that includes the balance of an existing mortgage. The buyer makes payments to the seller, who uses those funds to pay the original lender.
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