what is a mortgage used to purchase

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Definition of a Purchase Money Mortgage – Budgeting Money – Sellers may finance the entire home purchase price or offer to "take back" a purchase money second mortgage. For example, you want to buy a home for $200,000. You’ve been approved for a $150,000 first mortgage, thereby needing $50,000 cash to complete the purchase. However, you only have $30,000.

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What is a Reverse Mortgage Purchase? – Reverse Mortgage. – You may be familiar with a traditional reverse mortgage; however, did you know that a reverse mortgage can also be used to buy a home? It’s called a Home Equity Conversion Mortgage (HECM) for purchase, and is sometimes referred to as a reverse mortgage purchase loan. A HECM for purchase allows seniors age 62 and [.]

What Is A Mortgage Used To Purchase | Robertsoncountygop – What is a mortgage used to purchase? | Yahoo Answers – Answers. you can get a home mortgage on a house. you can get a chattel mortgage on a car or a mobile home (had one on a 67 pickup) construction mortgage, for when you are building your own house or barn blanket mortgage, for buying land you wish to later sub-divide as you see, it is to.

Mortgage 101 Guide: What Is a Mortgage? – Credit Sesame – A standard mortgage is what most people think of when they imagine a mortgage. It applies to a single piece of property and may be conventional or FHA backed. You repay the loan in monthly payments that include interest. blanket mortgage. land developers sometimes use blanket mortgages when they buy large pieces of land they plan to subdivide.

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A purchase-money mortgage can be used in situations where the buyer is assuming the seller’s mortgage, and the difference between the balance on the assumed mortgage and the sales price of the.

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Mortgage loan – Wikipedia – A mortgage loan or, simply, mortgage (/ m r d /) is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.

What Is A Chattel Mortgage – Triad Financial Services – What is a Chattel Mortgage? A chattel mortgage is a form of financing that can be used to purchase or refinance a manufactured home that’s not permanently attached to land. For example, chattel mortgages can be used to finance the purchase of manufactured homes that are placed in land-lease communities, on individual rental sites, on family.