What is a mortgage that includes more than one parcel of land known as?

A mortgage that covers more than one parcel of land is known as a blanket mortgage. This type of mortgage is commonly used in real estate development and investment situations where multiple properties are financed under a single loan. The blanket mortgage provides flexibility, as it can be used to finance several pieces of land or multiple properties together instead of requiring separate loans for each parcel. This can streamline the financing process and often results in better loan terms for the borrower.

In contrast, a package mortgage refers to a loan that covers both real estate and personal property, typically involving items like appliances and furniture in a single financing package. A purchase money mortgage is specifically used to finance the purchase of property, where the seller provides a loan to the buyer as part of the sales agreement. Meanwhile, a wraparound mortgage is a type of secondary financing where a new mortgage wraps around an existing mortgage, allowing a borrower to take a new loan that includes the old one in its total amount.

Therefore, the terms and usage of a blanket mortgage specifically relate to situations with multiple parcels of land being encompassed under one mortgage agreement.