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peace · Joined: 17 Jul 2009 Posts: 8 4.40 Dollars($)

I need to know if my mortgage is a so call "purchase mortgage"?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

peace

You need toclarify yoru question a little bit

Good luck and feel free to ask

bensonclive · Joined: 16 Aug 2009 Posts: 90 -0.12 Dollars($)

Purchase mortgage is related to a fresh new purchase of the house.Whenever there is a growth in economy and people are having money with them ,they tend to go for bigger houses with fresh purchase of new homes.and financing for this lucarative option for lenders.This is termed as purchase mortgage.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Are your refering to Purchase Money Mortgage

purchase money mortgage is a home financing technique by which a buyer borrows from the seller instead of from the bank

brownwalter09 · Joined: 10 Aug 2009 Posts: 37 0.00 Dollars($)

A mortgage issued to the borrower by the seller of the home as part of the purchase transaction. This is usually done in situations where the buyer cannot qualify for a mortgage through traditional lending channels.

gmakerley · Posted: Tue Aug 25, 2009 8:13 am Post subject:

let's separate the wheat from the chaff.

simply put, the mortgage you obtain for a purchase of a property is a purchase mortgage. it's all too simple to get caught up in all that verbiage.

peace · Joined: 17 Jul 2009 Posts: 8 4.40 Dollars($)

George... Sounds right..

So, a equity loan is
not a purchase mortgage because it was not used to purchased the property

appletongary · Joined: 09 Aug 2009 Posts: 20 0.00 Dollars($)

Peace,

I think you got the answer.

gmakerley · Posted: Tue Aug 25, 2009 9:21 am Post subject:

that's correct, peace.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Good luck peace

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What is a "purchase mortgage"?