Question

Tom, the seller, is helping the buyer with financing. tom will give this mortgage to the buyer, and the money will go toward the down payment. what kind of mortgage is this

Answer 1

Based on the scenario above, the kind of mortgage that the above situation is is called  Purchase money mortgage.

What Is a Purchase-Money Mortgage?

A purchase-money mortgage is known to be a kind of a mortgage that is said to be issued to the borrower and usually by the seller of a home and it is one that is also part of the purchase transaction.

Note that Based on the scenario above, the kind of mortgage that the above situation is is called  Purchase money mortgage.

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