What is a "purchase mortgage"?

peace

You need toclarify yoru question a little bit

Good luck and feel free to ask

Purchase mortgage is related to a fresh new purchase of the house.Whenever there is a growth in economy and people are having money with them ,they tend to go for bigger houses with fresh purchase of new homes.and financing for this lucarative option for lenders.This is termed as purchase mortgage.

Are your refering to Purchase Money Mortgage

purchase money mortgage is a home financing technique by which a buyer borrows from the seller instead of from the bank

let's separate the wheat from the chaff.

simply put, the mortgage you obtain for a purchase of a property is a purchase mortgage. it's all too simple to get caught up in all that verbiage.

George... Sounds right..

So, a equity loan is
not a purchase mortgage because it was not used to purchased the property

Peace,

I think you got the answer.

that's correct, peace.

Good luck peace