Definitions for "purchase-money mortgage"
A home-financing technique in which buyer borrows from the seller instead of,...
A mortgage given by a buyer in lieu of cash when the buyer is unable to borrow commercially for the purchase of property.
A mortgage given to the seller, with the mortgage constituting all or part of the compensation received for the sale of property. Such a mortgage is used when the seller is also the lender. Most purchase-money mortgages are one or two years in length or, in some cases, up to five years.... read full article