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.

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.