Package Mortgage
Mortgage on both the purchased real estate and personal property of a durable type. The entire amount financed is considered one mortgage. In residential real estate, a builder might include a stove, refrigerator, dishwasher, or air conditioning in the sale price. For commercial real estate, certain equipment or furniture is often included in the sales price. The advantage to the purchaser is that these items can be financed over a much longer period and at a much lower interest rate than if a separate financial instrument was used. For the builder or seller, these items serve as inducements used in financing the sale.
Popular Real Estate Terms
The definition of acoustical materials is a wide range of materials that are used in construction or technology to provide soundproofing. There are different types of acoustic materials ...
Arrears is a legal and financial term used to describe payments in regards to their due dates. While the term is more often used to refer to a contractual obligation or liability that was ...
Real property that is without any obligations, liens, or anything else against it. It is free and clear such as a house without mortgage. ...
Insurance coverage provided for an individual having a lease at a favorable rate, one which is less than the market value of the property. The insurance indemnifies the tenant for business ...
Person who leases rented premises from the initial lessee. The sublease is for a time not exceeding the original lease period. ...
Something that has been built and physically exists at a specified location, such as a building, garage, etc. Something consisting of related parts, such as the organization and terms of ...
A four-unit building with four tenants in a condominium type of ownership and management. ...
The result of an act or a fact. ...
Financial institution that channels the savings of its depositors mostly into mortgage and home improvement loans. It concentrates on originating , servicing, and holding mortgage loans. ...
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