Mortgage

Mortgage

A lien on the property that secures the Promise to repay a loan. Mortgage and Home Loan are synonymous. Note is another term used in conjunction with a mortgage since it outlines the terms of the mortgage.

A mortgage is the biggest investment in most people's lives and should be treated as that. Please consult a mortgage professional to understand what a mortgage is and what is at stake when obtaining a mortgage.

Interest paid on a real property mortgage, is considered a Tax write off.

You can have multiple mortgages on one property. Many homeowners have a 2nd mortgage, but it's not impossible to have even a third mortgage..

When you payoff the mortgage the lien gets released.

A document that legally promises a property to the lender as security for repayment of a loan. Some states, instead of mortgages, call them First Trust Deeds.

In some states the term Trust Deed or Deed of Trust is used synonymously with Mortgage. Each state has different criteria how these instruments are recorded with the local county recorder. Many states do not allow certain types of mortgages or riders to be attached to the mortgage, such as a pre pay penalty rider, or a high cost loan rider, or allow cash-out greater than a certain amount of the home's value. These items are dictacted by your state and not federally, so it is important your mortgage broker professional understands your state-specific statutes.

The terms of the mortgage will depend on the local bank, or lender that you acquired the loan from.

A mortgage can be secured through a local bank, a private investor or a mortgage broker.

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Information listed above is to be used for educational purposes only and is not guaranteed