Package mortgage - Definition

A Mortgage which includes the furniture and other personal property in addition to the house. The plan is usually promoted as beneficial to consumers because it allows them to buy appliances. Promoters also tell consumers that with a package mortgage, Interest payments for appliances are deductible from taxes, while finance company or credit card interest is not deductible. As with any type of mortgage arrangement, prospective homebuyers should look closely at all terms and conditions found within the package mortgage contract. The idea is to obtain the best overall terms possible, given the nature of the property and the financial circumstances of the buyers. When considering a package mortgage, it is also a good idea to look at the actual cost associated with acquiring the durable properties desired for the home, including the purchase price and the interest that would be paid if the appliances were purchased outside the mortgage loan.



Terms near "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
Panel data
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