Purchase Mortgages are loans devoted to the purchases new homes. It refers to the sector of the primary mortgage market that’s made up of loans used to finance a purchase. The second component of the primary mortgage market is the refinance mortgage market. The primary market is where mortgages originate, and three groups take part in the process. First is the borrower, who may be intending to occupy the property or treat it as an investment. Second is the lender, who is likely a bank or credit union. Finally, the mortgage broker brings the other two parties together.
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