Loan programs
Package mortgage
One mortgage covering real property together with personal property
Appliances, furnishings or equipment are financed in the same loan as the building. It turns up in furnished condominium and resort sales, where the buyer would otherwise need two kinds of credit for one purchase.
Easily confused with
A blanket mortgage covers multiple parcels of real estate. A package mortgage covers one property and the chattels that go with it.
How the exam asks about it
Blanket covers several parcels of real property; package covers real property plus the personal property inside it. The two words are swapped in items constantly.
Quick check: Package mortgage
One question. Pick an answer to see the explanation.
Which term is being defined: “One mortgage covering real property together with personal property”?
Related terms
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