purchase money mortgage

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purchase money mortgage

A mortgage that secures a loan the proceeds of which are used to finance the purchase of property. Colloquially, the term generally is employed only to denote a mortgage taken by the seller of property to secure later payment to him of the unpaid portion of the purchase price.
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The results in this paper also suggest that subprime lending did not increase homeownership: The number of defaults in a limited sample (about 50 percent) of subprime purchase-money mortgages within two years of origination is almost equal to the estimated number of first-time homebuyers who took subprime mortgages.
However, the rate increases were not so severe as to curtail home-purchase activity, leaving the volume of purchase-money mortgage loans largely unscathed.
The Mortgage Bankers Association reported that applications for purchase-money mortgages rose 7% for the week ending Jan.
The number of defaults in the limited sample of subprime purchase-money mortgages within two years of origination is almost equal to the number of first-time homebuyers who took a subprime mortgage.
Demand for purchase-money mortgages will be quieted by the level and mix of unemployment.
Gibbons, President and CEO of Salem Five, recently announced the launch of a new online Instant Pre-Approval application for consumers seeking purchase-money mortgages and refinancing.
com to increase its vast offering of purchase-money mortgages to home builders, Realtors(R) and financial planners.
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