Purchase loan

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 ?
Of these, refinances fell by 23.1%, and home purchase loan originations rose by 0.3%.
These service loans were included in GSIS-PRRD: salary loan, restructured salary loan, enhanced salary loan, emergency loan assistance, summer one-month salary loan, member's cash advance/eCard cash advance/eCard plus cash advance, conso-loan, emergency loan, home emergency loan program (Help), pay-later loans that did not avail of the condonation program in 2014, education assistance loan that did not avail of EAL 2, stock purchase loan that did not avail of the condonation program in 2013, policy loan, GSIS financial assistance loan to Department of Education personnel, as well as study-now, pay-later and fly PAL.
At an average purchase loan amount of$230,645, the APR spread of 29 bps between these score ranges represents almost$15,000in additional costs over 30 years for borrowers with lower credit scores.
The results of the multinomial logit model also allow us to estimate the market trend--that is, the amount by which FHA's purchase loan count would have risen from 2014 to 2015 had the premium cut not occurred.
The ministry said that the purchase loan per calf has been increased to EGP 10,000 instead of EGP 7,500, as a part of the new facilities offered by the project to young graduates, who are basically targeted by the project, with a maximum of EGP 400,000.
The report found that the average time it took to close a purchase loan fell from 48 days in February to 45 days in March.
Fortunately, Helen has enough assets to qualify for a reverse mortgage purchase loan, which will enable her to buy into the seniors' community now.
Second, FHA's larger share of the home purchase loan market in lower-income communities, while not unexpected, suggests the need for strong attention to fair lending and community reinvestment patterns of conventional versus FHA lenders.
The reasoning of the court characterizes the substance of a seller-financed arrangement as a mere option to buy property if its value ever exceeds the nonrecourse purchase loan amount.
Aranas said the service loans to be covered by the GSIS-PRRD were salary loan, restructured salary loan, enhanced salary loan, emergency loan assistance, summer one-month salary loan, member's cash advance/eCard cash advance/eCard plus cash advance, conso-loan, emergency loan, home emergency loan program (HELP), pay-later loans that did not make use of the condonation program in 2014, old education assistance loan, stock purchase loan that did not use the condonation program in 2013, policy loan, GSIS financial assistance loan to Department of Education personnel as well as study now, pay later obligations.
"Meanwhile the purchase loan market continued the pattern of slow and steady growth that it has been following the past two years, and HELOC originations increased on a year-over-year basis for the 16th consecutive quarter, showing that borrowers are regaining both home value and the confidence needed to increasingly leverage their home equity."
The research showed the average LTV on a house purchase loan has now fallen below 60% for the last three months.