When should you use a wrap around mortgage?

A wrap around mortgage is a type of seller financing in which the seller of a property uses an existing mortgage and extends another loan to the buyer of a property. This type of loan should be used when you need to purchase a property and you do not have the best credit. With this type of loan, you will have to borrow only a small amount of money from a traditional lender, and the rest of the mortgage will be secured by the original owner of the property. If you have poor credit, this can get you into a house more quickly.