释义 |
EncyclopediaSeepurchase money mortgageLegalSeePurchase Money MortgagePurchase-money mortgage
Purchase-money mortgageA mortgage given by a buyer in lieu of cash when the buyer is unable to borrow commercially for the purchase of property.Purchase-Money MortgageA mortgage in which the home buyer borrows from the seller instead of, or in addition to, a bank or thrift. Purchase-money mortgages usually are made when the buyer cannot qualify for an ordinary home loan due to lack of credit or income. Alternately, a seller may offer a purchase-money mortgage in a mortgage-takeover agreement, that is, when the sale price of the home is equal to what remains on the seller's own mortgage. |