Everything You Need to Know About Building the Custom Home by John Folds & Roy Hoopes

Author:John Folds & Roy Hoopes
Language: eng
Format: epub
Publisher: Taylor Trade Publishing
Published: 1990-03-25T16:00:00+00:00

4. The Wrap Loan

If you have a particularly attractive first trust on your existing home and a great deal of equity in it, another option is to take a large second trust, which is called a wrap loan. Generally speaking, the amount of the second trust is higher than that of the first trust. So the lender “wraps” your house in a security instrument, which is a second trust—but the rate on the second trust is a little bit higher than the rate you would get if you were to refinance it. It enables you to retain the interest rate that prevails on your existing first trust. A wrap loan is ideal for someone with an extremely low interest rate on the first trust.

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