Home > Personal > Personal Lending > Mortgage > Mortgage Resources > Glossary > Underlying Mortgage Underlying Mortgage November 9, 2021 Generally refers to the first mortgage when there is a wraparound mortgage.You Might Also Like: Living QuartersFirst-Time Homebuyer’s Playbook: 4 Steps to a Successful Offer Everyday MoneyBank Holidays: Understanding Their Impact on Deposits and Transactions Living QuartersMortgage Lending for Veterans at Bank Five Nine All Things CommunityReviewing Random Acts of Kindness 2023 Everyday MoneyWhat are ACH Payments and How Do They Work?