briasmom
Mar 5, 2008, 02:26 PM
Please explain purchase mortgages
LisaB4657
Mar 5, 2008, 03:22 PM
A purchase money mortgage is when a buyer gets a mortgage to pay for all or part of the price of a piece of property. If the buyer refinances the property by getting a new mortgage and paying off the old mortgage then it is no longer considered a purchase money mortgage.