Which type of mortgage covers both real estate and personal property included with the real estate?

A package mortgage is designed to cover both real estate and personal property that is included in the sale. This type of mortgage is particularly useful when a buyer is purchasing not only the land and the structure but also additional items such as appliances, furniture, or other personal property that are part of the transaction. By incorporating both elements, a package mortgage simplifies the financing process for the borrower, allowing them to secure a single loan to cover all the desired assets rather than managing separate financing for the real estate and personal items.

In contrast, a conventional mortgage typically covers real estate only and does not include personal property. An equity mortgage leverages the equity in a property to secure a loan but does not involve personal property in the way that a package mortgage does. A fixed-rate mortgage simply refers to the interest rate structure of the loan and also does not encompass the inclusion of personal property with real estate. Therefore, the package mortgage is uniquely suited to meet the needs described in the question.