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 ?
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.
Blacks are four times as likely to receive a subprime home purchase loan as whites, and Hispanics are three times as likely as whites
The average purchase loan size last week increased to $215,800 versus $194,900 one year ago, the association said.
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.
The average days to close a purchase loan has fallen seven days since January 2014.
The research showed the average LTV on a house purchase loan has now fallen below 60% for the last three months.
In addition, lenders need not specify whether an application for a home purchase loan involved a request for preapproval, and should use code 3 (Not Applicable) in the preapproval field on the HMDA/LAR.
QUICK APPROVAL: Starting in January, Countrywide Home Loans in Calabasas will guarantee to close any purchase loan for qualified buyers within 10 or fewer days.
675 million purchase loan on a single-tenant FedEx industrial building for a Los Angeles investor managed by Michael Prochelo of Financial Management Group.
June also saw the highest level of purchase loan closing rates since Ellie Mae began tracking origination data in August 2011, the Pleasanton, Calif.
Meridian also announces the closing of a purchase loan for a walk-up apartment building in new York in the amount of $3.
announced it has arranged a $9 million purchase loan on a single-tenant FedEx industrial building for a Los Angeles investor managed by Michael Prochelo of Financial Management Group.