<--Back to Wiki Home

Define Primary Mortgage Market in Real Estate

Primary Mortgage Market: 

The Primary Mortgage Market is the place where homebuyers go to get a loan to purchase a property. It's where banks and other financial institutions lend money to borrowers who want to buy a home.

Example: 

For example, let's say that John wants to buy a house. He goes to his local bank and applies for a mortgage loan. If the bank approves his loan application, they will provide him with the funds necessary to purchase the house, and he will then pay the bank back over time with interest.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

In the land of home-buying, where the houses stand tall,
There's a place where you can go to get a loan, big or small.
It's called the Primary Mortgage Market, you see,
Where banks and lenders provide the funds for you and me.

When John wants to buy a house of his own,
He goes to the bank and picks up the phone.
He applies for a loan and the bank says "yes",
And with the funds provided, he can buy with success!

So remember, my friend, when you want to buy a home,
The Primary Mortgage Market is where you should roam.
With lenders who'll provide the funds you need,
You can buy a home - yes indeed!