 Sam
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Joined: 21 May 2005
Posts: 281
Location: CALIFORNIA
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 Posted: Sat Apr 03, 2004 3:27 am Post subject: Package mortgage |
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Package Mortgage is a mortgage agreement that provides home financing including real property, property improvements and movable equipments. In other words, you get the finances to purchase a home along with the furniture, and other personal property such as washer, dryer, refrigerator, etc.
For example, Mathew took a mortgage to purchase a home valued $200,000; furniture worth $50,000 and other personal property valued $50,000. The total loan amount is thus $300,000. Such a mortgage is known as Package mortgage.
Package mortgage raises the value of the property, so you can qualify for a higher loan amount. A borrower cannot sell any item under this mortgage agreement without the lender's approval. |
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