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purchase money mortgage

   Also found in: Legal, Financial, Acronyms 0.01 sec.
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 borrower had recently closed on the $18 million purchase with a purchase money mortgage, and now had the opportunity to refinance the PMM at a substantial discount, but only if the deal could be completed by year end.
The lack of institutions extending real-estate financing has prompted the use of purchase money mortgages, better known as "seller financing.
to consider a Purchase Money Mortgage when selling your home So what is a Purchase Money Mortgage I received so much feedback on The Creative Cure For Selling Your Home article that I decided to follow it up with a ?
 
 
 
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