What is a purchase money mortgage? The simplest definition describes purchase money mortgage as a home loan used to buy a property such as a principal residence, 2nd come or any type of property investment.
If you're planning to buy a property, chances are you will need to obtain a purchase money mortgage financing, unless you have cash money to pay or use other financial backup.
In general, “purchase money mortgages” are easier to qualify for and is considered very flexible for most borrowers. In addition, there is no pricing hit and you may qualify for various market rebates.
Bengal Mortgage offers purchase money in Plano, Allen, McKinney and Frisco. Our Mortgage officers work in conjunction with the best Texas lenders to find you the best purchase money mortgage in Collin county. Give us a call or come visit us today.