Package Mortgage
Barron's Finance & Investment Dictionary:
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Package Mortgage
mortgage on both a house and durable personal property in the house, such as appliances and furniture. The borrower therefore repays one mortgage loan instead of having to carry two loans. In construction lending, interim and takeout loans made by the same investor.
| Pacific Rim, Pacific Exchange (PCX) | |
| Paid Up, Paid-In Capital |
Barron's Real Estate Dictionary:
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Package Mortgage
A mortgage arrangement whereby the principal amount loaned is increased because personalty (e.g., appliances) as well as realty serve as collateral.
Example: Simmons applied for a package mortgage in order to spread the cost of appliances over 25 years and to pay for them with her home mortgage payment.
Example: Simmons applied for a package mortgage in order to spread the cost of appliances over 25 years and to pay for them with her home mortgage payment.
| Pacific Rim Real Estate Society (PRRES), Ownership Rights to Realty | |
| Pad Site, Paint-To-Paint |
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Barron's Finance & Investment Dictionary
Dictionary of Finance and Investment Terms. Copyright © 2010 by Barron's Educational Series, Inc. All rights reserved.
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