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Which type of mortgage is known as

seller financing?
a. Package mortgage
b. Term mortgage
c. Second mortgage
d. Purchase money mortgage

User Villaa
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1 Answer

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Final answer:

Seller financing is also known as a Purchase Money Mortgage, where the seller provides the buyer with a loan to purchase the property. Option d is correct.

Step-by-step explanation:

The type of mortgage known as seller financing is d. Purchase money mortgage. A purchase money mortgage is a type of mortgage where the seller of the property provides financing to the buyer. This arrangement typically occurs when the buyer cannot obtain financing through traditional means, such as a bank loan.

The seller essentially becomes the lender and holds the mortgage on the property until the buyer pays off the loan in its entirety.

User Kube
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