Package mortgage
A mortgage on a house and property in the house.
Package Mortgage
A mortgage in which the loan is used to buy a house as well as all furniture and other property in the house.
package mortgage
A mortgage that includes financing for real estate and for personal property. The plan is usually promoted as beneficial to consumers because it allows them to buy appliances, for example,at low mortgage interest rates and pay just a small amount each month,as compared to typical finance or credit card companies that charge higher interest rates and provide shorter terms for payoff, leading to higher monthly payments. Promoters also tell consumers that with a package mortgage, interest payments for appliances are deductible from taxes, while finance company or credit card interest is not deductible.
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