Finance
In West Virginia, a wraparound mortgage is best described as:
AA second mortgage that wraps around a first mortgage, with the seller continuing to pay the original loan✓ Correct
BA mortgage that includes all improvements on a property
CA government-backed loan wrapping all debts into one payment
DA mortgage on multiple properties under one agreement
Explanation
A wraparound mortgage is an assumable-type financing arrangement where the seller takes back a new mortgage that 'wraps around' the existing first mortgage. The buyer makes payments to the seller, who continues paying the original lender. This is a form of seller financing.
Related West Virginia Finance Questions
- A West Virginia seller who takes back a purchase money mortgage (seller financing) is acting as:
- Points paid on a mortgage loan in West Virginia represent:
- Under the federal Truth in Lending Act (TILA), the Annual Percentage Rate (APR) disclosed to a West Virginia borrower:
- A 'due-on-sale' clause in a West Virginia mortgage or deed of trust means:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
- An 'origination fee' charged by a West Virginia mortgage lender is best described as:
- A West Virginia buyer assumes the seller's existing mortgage. The buyer is now:
- The loan-to-value ratio (LTV) is calculated as:
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