planning to buy a new home<\/u><\/a> for the first time and you are a little tight on your budget where you are unable to spend enough cash on home essential appliances.\u00a0<\/b><\/p>You ask your realtor to find a home that has all the appliances required like kitchen essentials, washers, dryers, etc. Once you find such property, you apply for a package mortgage with your lender.<\/b><\/p>
Let\u2019s say that the property is listed at $250,000, the cost of the appliances is $25,000 and you are making a down payment of 20 percent of the total value which is $275,000.\u00a0<\/b><\/p>
Your lender will consider the loan amount of $220,000 which includes your home and the appliances that are included in that home.<\/b><\/p>
You as a homeowner will be making the payment for the loan borrowing $220,000. In this type of mortgage, the borrower will be unable to sell the item listed in the mortgage without the lender\u2019s consent.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t