What type of mortgage allows personal property to be included in the property sale and financed together with the loan?

A package mortgage is a financing option that allows for both real estate and personal property to be included in the property sale. This type of mortgage consolidates various assets, such as appliances or furniture, into the financing arrangement, enabling buyers to secure a loan that covers both the house and its contents.

This approach can benefit buyers who are looking to purchase a home along with necessary furnishings or equipment, making it a convenient option for those wanting to simplify their financial dealings when acquiring a property. The inclusion of personal property allows the buyer to manage a single loan, which can be easier than trying to finance each item separately.

In contrast, other types of mortgages typically do not encompass personal property along with real estate. For instance, a bridge mortgage is generally a short-term loan used to bridge the gap between buying a new property and selling an existing one. An equity participation mortgage involves an agreement where the lender takes a share of the property's equity, often linked to investment properties. A wraparound mortgage is a way to finance a property that involves an existing mortgage, where the new lender provides a loan that encompasses the balance of the old loan and additional funds, but it does not facilitate the inclusion of personal property in the financing.