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Purchase Money Mortgage Form

Purchase Money Mortgage Form

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what's the purchase money mortgage purchase money mortgage is usually associated with what they call seller financing that's whenever a seller is going to finance the property for the buyer an example would be if they sell the property for $100,000 and they took $20,000 down and took back an $80,000 mortgage so that the buyer would pay directly to the seller the $80,000 promissory note mortgage well that would be a purchase money mortgage purchase money mortgage can also be considered by an lender who furnishes the money for the purchase of the property and therein lies the name purchased money and that the money used from the lender is used to purchase the property what is the significance of a purchase money mortgage versus a different type of mortgage that you could have as far as acquiring the property well that has a higher priority so that if there were any other lien ISM that were in place let's say a judgment lien against the purchase of their property they purchased money mort

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