The Smiths' purchased a residence for $75,000. They made a down payment of $15,000 and agreed to assume the seller's existing mortgage, which had a current balance of $23,000. The Smiths' financed the remaining $37,000 of the purchase price by executing a second mortgage whereby the seller became a mortgagee. This type of loan is called a .

Purchase money mortgage.

Explanation:

A purchase money mortgage is the loan that is given to the individual buying the property.

This loan is issued by the seller of the property as a part of the transaction made when selling the property. The interest rate that comes with this type of loan is high.

The buyers benefit from the purchase money mortgage due to the flexible requirements that is needed in collecting the loan while the sellers benefits from the high interest rates that is added to the loan.

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