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Updated almost 5 years ago on . Most recent reply

User Stats

83
Posts
24
Votes
Timothy Borg
24
Votes |
83
Posts

How to Refi and Wrap Mortgage???

Timothy Borg
Posted

I need to figure out how to do a cash out refi on a property with a wrap mortgage. A wholesaler brought me a really good deal. I can just take over the payments and do some repairs and I will have tons of equity. I plan to hold this as a long-term rental. The problem is that the mortgage is at almost 8%!! I don't want to keep that mortgage. I really like that I can basically get into this property with nothing down but the wholesaler's fee. My plan is the BRRR this property.

What are your thoughts??

  • Timothy Borg
  • Most Popular Reply

    User Stats

    41
    Posts
    17
    Votes
    Charity Skore
    • Escrow Officer
    • Los Angeles, CA
    17
    Votes |
    41
    Posts
    Charity Skore
    • Escrow Officer
    • Los Angeles, CA
    Replied

    @Timothy Borg

    If you are going to do a refi you will need the prior seller to provide an authorization to order payoff for most lenders, or at lease provide a social security number, depending on lender. Message me for details and I can walk you and or your lender through it.

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