Purchase Money Mortgage


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Purchase Money Mortgage

A security device entered into when the seller of property, as opposed to a bank or financial institution, advances a sum of money or credit to the purchaser in return for holding the mortgage on the property.

The seller of the property, rather than a lending institution, is the mortgagee. These mortgages are given concurrently with the conveyance of the land or the transfer of the items sold.

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F assumes both a $500,000 purchase money mortgage note on the building and the personal loan.
A $1,860,000 purchase money mortgage for the acquisition of a mixed-use property, consisting of 5 residential units and 3,320 square feet of retail space, in Brooklyn.
Contrary to popular belief, purchase money mortgages have generally not become commodities--they remain highly service sensitive.
If the purchase money mortgage is junior to a bank loan, there's a risk that the buyer will default on the seller-financed loan but not on the senior loan, leaving the seller with little recourse.
One important aspect to remember is that aggressively prospecting for member purchase money mortgage business is probably a new concept for your credit union or CUSO and if your plan does not include franchising your employees, it will not be as successful as it could or should be.
Mike Long, chief credit officer at UW, and Julio Rios, director of mortgage lending, said the CU was on track to book roughly $100 million in purchase money mortgage loans and between $260 million and $300 million in refinance loans this year and emphasized the impact a wide product line can have.
1,750,000 purchase money mortgage for the acquisition of a 15,109 s/f office building in Mountain View, CA.
The Company's purchase money mortgage volume closed during the period for the three months ended March 31, 2005, increased 11% compared to the same period of 2004 and accounted for 75% of its total loan volume compared to the industry average of 54%.
This reflects success of our plan to expand marketing efforts in new geographical areas, and our strategy to emphasize purchase money mortgage originations.
1,100,000 purchase money mortgage for the acquisition of a 10,000 s/f single tenant office building located ha Kokomo, IN.
Purchase money mortgage volume increased 6% and 15%, respectively, for the three and nine months ended September 30, 2004 compared to the same periods of 2003.
74% purchase money mortgage with an initial term of five years.