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Triss [41]
3 years ago
6

Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. The home comes equipped with all furnishings. T

he Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. What kind of mortgage are they looking for?
Business
1 answer:
Sloan [31]3 years ago
6 0

Answer: Package  Mortgage

Explanation:

The Package Mortgage is a type of mortgage offered to prospective home buyers who want to buy a house that is already fully furnished. This way they do not have to spend extra on buying the furniture. They could just pay for everything as a Package.

The downside of this is that it is higher than other related mortgages and so draws a higher mortgage payment. Also, the collateral will not just include the property itself, but the furniture that the house came with.

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