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.
References in periodicals archive ?
We estimate that other builders and Realtors added 50 percent to 100 percent to those numbers, yielding--conservatively, we think--a 10 percent share of purchase money mortgages.
If you're a real estate owner considering a purchase money mortgage, you should take steps to protect yourself, just like a bank or any other lender.
If you do not have a well thought out, multi-faceted plan designed for protracted implementation that capitalizes on your strategic advantages, your credit union or CUSO will not be successful in closing your fair share of member purchase money mortgage business.
A purchase money mortgage in the amount of $945,000 on a multi-family apartment building located in Malden, Mass.
A purchase money mortgage in the amount of $263,900 on a multifamily apartment building located in Fall River, Mass
A purchase money mortgage in the amount of $650,000 on a mixed-use building located in Geneva, N.
A purchase money mortgage in the amount of $656,250 on a 10,843 square foot office building located in Amherst, Massachusetts.
A purchase money mortgage in the amount of $184,000 on an apartment building located in Fall River, Massachusetts.
A purchase money mortgage secured by a blanket mortgage on 5 multifamily buildings located in Troy, NY in the amount of $650,000.
2, b) or purchase money mortgages, lease purchase agreements or similar securities (Section 204, par.
But in the following quarters the numbers steadily rise well above average, before hitting an unprecedented high of 36 percent purchase money mortgages over the past three months.
Yet, they will rank junior to any outstanding first mortgage bonds or purchase money mortgages, DBRS added.