- A grant of a security interest in real property to
secure a loan, often for the purchase of the property.
- A loan secured by an interest in
paperwork reflecting such a loan and security interest.
purchase money mortgage
A mortgage that secures debt incurred in connection with
the property as to which the mortgage is given, for example, a mortgage on
oneÂ’s home given to secure a loan given in order to purchase that home.Â