Purchase-Money Mortgage: What is the Meaning of Purchase-Money Mortgage?
Purchase Price Mortgage is a mortgage that is given by the home seller to the borrower as part of the purchase transaction. Also known as seller or homeowner financing, it is usually done in situations where the buyer may not be eligible for a mortgage through a traditional line of credit. Purchase price The mortgage can be used in situations where the buyer considers the seller's mortgage and the difference between the remaining amount of the mortgage and the sale price of the property is the seller's mortgage.
Meaning of Purchase-Money Mortgage: Mortgage to buy a property
Literal Meanings of Purchase-Money Mortgage
Meanings of Purchase:
(Rope or rope ope) Lift or climb (anchor) with pulley, lever etc.
Position yourself or position yourself to use some of the power, or the benefits of using it
Sentences of Purchase
Mr Gill saw the manuscript at a local auction and bought it for 1,500.
The hooves of the horses fought to catch the slippery floor
Synonyms of Purchase
secure, pay for, hold, foothold, buy, snap up, anchorage, footing, procure, pick up, take, grip, come by, acquire, attachment, fingerhold, shop for, toehold, support, firm contact, grasp, invest in, put money into, obtain
Meanings of Money:
A common medium of exchange in the form of coins and notes.
Synonyms of Money
hard cash, ready money, cash
Meanings of Mortgage:
Transfer (assets) to creditors as collateral.
A legal arrangement under which a bank or other lender lends at interest for the ownership of the lender's assets, provided the transfer of ownership is not effective at the time the loan is repaid.
Sentences of Mortgage
The farm is in mortgage
I deposited one lakh in cash and mortgaged the rest
Synonyms of Mortgage
advance, credit, mortgage, pawn, put up as collateral, guarantee