Wraparound

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Related to Wrap Around: Wrap Around Mortgage

Wraparound

A financing device that permits an existing loan to be refinanced and new money to be advanced at an interest rate between the rate charged on the old loan and the current market interest rate. The creditor combines or "wraps" the remainder of the old loan with the new loan at the intermediate rate.

Wraparound

A loan whereby the borrower re-finances a previous loan at an interest rate between the current market rate and the interest rate at which the first loan was made, which is presumably lower. This allows the borrower to re-finance the first loan without being forced to accept a significantly higher interest rate.
References in periodicals archive ?
Wrap around the head and |overlap so the double-sided tape sticks it together.
This revolutionary machinery integrates a belt that allows to change configuration from wrap around, to tray+film, to film in few seconds only by covering the chains.
The toys consist of a liquid-filled soft rubbery spiky ball with a stretchy string and finger loop, and are dangerous because the stretchy rubber string can wrap around a person's neck during play and it is very difficult to untangle.
In following New Urbanism principles, Kaplan said, the housing units will wrap around parking decks, concealing the structures.