How does a purchase money mortgage work?

Answer You may want to consider a purchase money mortgage if you are having trouble getting approved for a traditional loan. This type of mortgage allows a seller to finance all or a portion of the mortga... Read More »

Top Q&A For: How does a purchase money mortgage work

Purpose of a Purchase Money Mortgage?

The purpose of a purchase money mortgage is to purchase a home. It can be used with a borrower giving a mortgage to the bank with a portion of the sale price coming from the seller in the form of ... Read More »

How do I get a purchase money mortgage letter?

A purchase money mortgage is a type of seller financing. Typically, a purchase money mortgage is used when the buyer of the property cannot obtain enough of a mortgage from a bank or lending instit... Read More »

How to Foreclose on a Purchase-Money Mortgage?

If you hold a private purchase-money mortgage on a home and the borrower is default, you may, if the contract allows, legally foreclose and evict the homeowner. However, you must follow the contrac... Read More »

How does mortgage acceleration work?

Mortgage acceleration is a process that allows you to pay off your mortgage loan faster than the original term. This will save you finance charges over the shortened term. However, you pay more tha... Read More »