Definition: "Wells mortgage" is a type of personal loan, often used for the purchase of residential property such as a house or land. It typically involves borrowing money from a lender to buy the property outright or to finance the purchase by paying off the loan in equal monthly installments over time. A "well" refers to an area with very good water quality and is often associated with a stable, predictable source of water for the property owner. In this context, the "well mortgage" is likely referring to the use of this type of loan as an investment or financing option, rather than a direct purchase of a property. The term "wells mortgage" generally refers to a personal loan that involves borrowing money from a lender to buy a residential property. The specific loan terms and conditions can vary depending on factors such as credit score, down payment requirements, and the type of property being purchased.
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