Package Mortgage Law & Legal Definition
A package mortgage is a loan secured by real estate and in which the personal property and furniture is included in the purchase price of the house. The personal property included in the loan, such as refrigerator, washer and dryer, etc., make the value of the house go up, and therefore increases the amount of the loan. The personal property is used as collateral, and cannot be sold without the approval of the lender.
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