2007-01-22 02:07:36 · 8 answers · asked by Cissa Malfoy 1 in Business & Finance ➔ Renting & Real Estate
Probation from a bank.
2007-01-22 02:14:48 · answer #1 · answered by jenjadekim 2 · 0⤊ 0⤋
The correct word is Mortgage.
A mortgage is a document that you sign that allows a bank to place a lien against a piece of real estate. Thus, the property becomes collateral for the loan and the bank can take foreclose on the property (take it from you) if you fail to make payments for a specified period of time.
Also, a mortgage is not a loan. When you borrow money and use the house as collateral, you sign both the Mortgage Document and a Promissory Note. The Promissory Note is the document that discusses the terms of the loan (amount, term, rate, payment, etc). The Promissory Note is a promise to pay back the loan, the mortgage tells you what happens if you don't pay on the loan.
2007-01-22 10:17:27 · answer #2 · answered by Culture Warrior 4 · 1⤊ 0⤋
A Mortgage is a loan if you will. Lets say you buy a house for $300,000.00 and you only have $100,000.00 to put down on it. This will leave you with a "Mortgage" of $200,000.00, payable to the bank over the next 30 years. My guess is your monthly payment would be about $1300.00 depending on the interest rate you qualify for.
Does that help you?
2007-01-22 10:15:03 · answer #3 · answered by Aunt Henny Penny 5 · 0⤊ 0⤋
A mortgage is a legal document (aka Deed of Trust) that is recorded and shows the lender's lien on your property to the rest of the world. Some people have many mortgages on their property. When you sell/transfer the property, the title company researches the mortgages (liens) and demands that they be paid out of closing in order to insure "good title" to the buyer.
2007-01-22 10:15:11 · answer #4 · answered by dreamgirl 5 · 0⤊ 0⤋
I think you mean Mortgage. And that is a loan from a bank to a private individual in order to purchase a house.
2007-01-22 10:11:24 · answer #5 · answered by Drew P 4 · 0⤊ 0⤋
don't know what a "morgage" is...
A mortgage is a loan. This loan uses real estate as collateral.
2007-01-22 11:13:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
a typo
2007-01-22 10:15:26 · answer #7 · answered by Anonymous · 0⤊ 0⤋
blood sweat and tears
2007-01-22 10:12:14 · answer #8 · answered by tennessee 7 · 0⤊ 0⤋