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Finance Dictionary and Glossary of Investment Terms
Purchase-money mortgage
Definition 1.
A mortgage given by a buyer in lieu of cash when the buyer is unable to borrow commercially for the purchase of property.
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Definition 2.
A home-financing technique in which buyer borrows from the seller instead of, or in addition to, a bank. Sometimes done when a buyer cannot qualify for a bank loan for the full amount. also called seller financing or owner financing.
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