Package loan - Definition

A real estate loan used to finance the purchase of both real property and personal property, such as in the purchase of a new home that includes carpeting, window coverings and major appliances. Generally, a consumer would consider a package loan if he was buying a home that was being sold unfurnished. This arrangement has the advantage of streamlining the loan Process and can eliminate excess financing costs. The obvious reason for needing a package loan would be if a buyer found a house that came without furniture or appliances.



Terms near "Package loan"

Package mortgage
Package policy
Paid up
Paid-in capital
Paid-in surplus
Paid-up capital
Painting the tape
Paired sales analysis
Pairing off
Pairs trade
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