Is that the price of a house?
2007-06-28 14:20:02 · 6 answers · asked by thirtytwo_characters_2_work_with 3 in Business & Finance ➔ Renting & Real Estate
You buy a house and the loan that you owe is called a Mortgage
2007-06-28 14:23:31 · answer #1 · answered by rtharp8 3 · 0⤊ 0⤋
Typically people cannot buy a home cash so they take out a loan to purchase the home. This is called the mortgage, some states also call it a Deed of Trust. The mortgage is the legal name of the document indicating you took out a mortgage or loan to purchase the home.A mortgage is the legal document recorded against the home indicating that you have a lien against the property, or you owe someone money.
2007-07-02 19:22:19 · answer #2 · answered by mateomortgage.com 2 · 0⤊ 0⤋
It is a Loan with montly/ bi-weekly payments that you do for several years to purchase a home including Mortgage Insurance, Closing fees, and a Interest rate depending of your Credit.
2007-06-28 22:30:36 · answer #3 · answered by LA DIOSA 1 · 0⤊ 0⤋
Mortgage is the loan amount borrowed from a lender that is amortized over a certain time period @ an interest rate so that the lender makes %money% from your loan!
2007-06-28 21:45:00 · answer #4 · answered by Cal-Tex 2 · 0⤊ 0⤋
A mortgage is a loan with the house as collateral, that means if you don't pay they can make you sell your house.
You can pay more for a house than you borrow if you have a down payment or you can borrow more than you paid for the house in a refinance if it appreciated.
2007-06-28 21:24:30 · answer #5 · answered by shipwreck 7 · 0⤊ 0⤋
The loan you take out to buy the house. You pay it back over several years.
2007-06-28 21:24:45 · answer #6 · answered by koutetsu12 3 · 0⤊ 0⤋