Finance
A 'wraparound mortgage' in Wyoming is a type of seller financing where:
AThe buyer obtains a new first mortgage that wraps around the property
BThe seller creates a new mortgage that includes (wraps around) the existing mortgage, collecting payments from the buyer and continuing to pay the underlying lender✓ Correct
CMultiple lenders share a single mortgage lien
DThe government guarantees the mortgage payments
Explanation
A wraparound mortgage is seller financing where the seller creates a new, larger mortgage for the buyer at a different interest rate. The seller continues paying their existing mortgage and profits from the interest rate differential.
Related Wyoming Finance Questions
- A Wyoming 'wraparound mortgage' could potentially violate the original first mortgage's:
- A Wyoming borrower obtains a $280,000 conventional loan. PMI is required if the loan-to-value ratio exceeds:
- After a trustee's sale (foreclosure) in Wyoming, the former owner has a statutory right of redemption period of:
- A Wyoming buyer's FHA loan requires an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount. On a $250,000 loan, what is the UFMIP?
- When a Wyoming buyer assumes the seller's existing mortgage, the buyer:
- A Wyoming buyer obtains a 15-year mortgage instead of a 30-year mortgage for the same loan amount and rate. Compared to the 30-year mortgage, the 15-year mortgage will have:
- The 'secondary mortgage market' is important to Wyoming real estate because it:
- A Wyoming property's appraisal comes in $15,000 below the agreed purchase price. The buyer can:
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →