purchase money mortgage

Definition of "purchase money mortgage"
  1. It is a type of mortgage used to secure a loan for either the entire or a portion of the purchase price of a property
How to use "purchase money mortgage" in a sentence
  1. The bank provided a purchase money mortgage to finance the entire cost of the new office building.
  2. In order to buy the house, we got a purchase money mortgage for half of the purchase price.
  3. Despite his limited funds, he was able to purchase the property with the help of a purchase money mortgage.
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