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