package mortgage

(redirected from Package Mortgages)

Package mortgage

A mortgage on a house and property in the house.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
banks which provide more bond financing and package mortgages on for trading elsewhere.
US banks, which provide more bond financing and package mortgages for trading elsewhere, will not feel the pinch to the same extent as European banks, they opine.
* A new package mortgages totaling $3,500,000 on a 22-unit, 6-story multifamily building on East 75th Street in New York, NY.
Covered bonds are notes that package mortgages or public-sector loans into securities with an issuer's promise of payment.
However, Frank said he did not believe regulators should do away with securitized mortgages, rather that legislation should require that companies that package mortgages into bonds should retain a piece of the original mortgages.