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.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive ?
Some stocks in Internet lending companies are being promoted with the claim that "homebuyers have been decoupled from the Realtor in their mortgage decision." Realtors never had much interest in or influence over the refinance decision, but they remain the primary gatekeeper for purchase money mortgages.
It's critical to document a purchase money mortgage transaction carefully to ensure that your rights are protected and to facilitate a potential sale of the loan on the secondary market.
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 $1,050,000 on a multi-family apartment building located in The Bronx N.Y.
* A purchase money mortgage in the amount of $1,000,000 on a multifamily apartment building located in Brooklyn, N.Y.
A purchase money mortgage in the amount of $650,000 on a mixed-use building located in Geneva, N.Y.
* 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.
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.
The lack of institutions extending real-estate financing has prompted the use of purchase money mortgages, better known as "seller financing."