The buyers purchased a residence for $395,000, making a down payment of $79,000 and obtaining a loan for the balance. the loan is a purchase money mortgage
A mortgage is a sort of loan used to buy or maintain a home, a plot of land, or other real estate. The borrower commits to paying the lender over time, usually in a series of regular instalments that are split into principal and interest. As security for the loan, the property is then used. In order to qualify for a mortgage, a borrower must submit an application through their preferred lender and make sure they satisfy a number of standards, including down payments and minimum credit scores. Before they are closed, mortgage applications must pass a thorough underwriting process. Different mortgage products, including fixed-rate and conventional loans, are available depending on the borrower's needs.
Learn more about mortgage here
https://brainly.com/question/8084409
#SPJ4
