Purchase loan

(redirected from Purchase Loans)

Purchase loan

A consumer loan taken to finance a purchase.

Purchase Loan

A loan made to a borrower to finance the buying of some asset. For example, one may take out a purchase loan to buy a house, car, or some other expensive asset one could not otherwise afford. The terms of a purchase loan vary according to the lender's rules and the borrower's creditworthiness. A purchase loan differentiates from loans used to finance intangible things, such as an education or a business. See also: Credit card, Consumer good.
References in periodicals archive ?
The company said the average FICO for all closed loans was 724, while the average for Federal Housing Administration (FHA) refinances was 660 and FHA purchase loans was 689.
The share of one- to four-unit family home purchase loans made to low- and moderate-income borrowers (those with income of less than 80% of area median income) declined slightly from about 26% in 2013 to roughly 25% in 2014.
Global Banking News-July 31, 2015--Banks to purchase loans from Lloyds
We have grown Prospect into a top-10 originator of home purchase loans and one of the country's leading FHA renovation lenders.
There were 5,900 house purchase loans advanced in Wales in Q3 of this year up by 5% on the second quarter - but 5% lower compared to the same period last year.
The total number of house purchase loans approved in September was 44,400, down 18% from 53,900 in the previous month and down 9% on the same month last year, the Council of Mortgage Lenders (CML) said.
In 2006 (the most recent year for which data are available), 21% of all home purchase loans and 27% of all refinance loans were sub prime, compared to the national rates of 13% and 16% respectively.
Rover employees have been told that rather than pay back their purchase loans in full they can pay them back on 'more favourable' terms or hand the cars back without facing claims for the balance of the loans.
The Home Mortgage Disclosure Act (HMDA) and the Board's Regulation C require most depository institutions and certain for-profit, nondepository institutions to collect, report, and disclose data about applications for, and originations and purchases of home purchase loans, refinancings, and home improvement loans.
Prime lenders originated 3,736,044 conventional home purchase loans in 2002, a smaller increase of 23.
8 percent of applications for home purchase loans received from African-Americans and 24.
NEW YORK -- A Traiger & Hinckley LLP study of 2005 mortgage data suggests that changes in risk profiles and borrowing practices were important contributing factors to the higher proportion of home purchase loans with reported rate spreads.