Many borrowers believe that when they purchase a property by obtaining mortgage financing, they also own their home.
Technically speaking, full ownership on a property only happens once the mortgage loan amount has been paid in full.
To break this down in more detail, there are a few components of a mortgage:
A Promissory Note is a document signed by the borrower acknowledging their commitment to pay the mortgage back with interest in a specific period of time.
In addition to the terms of repayment, the Note also contains provisions concerning the rights of both parties involved in the agreement.
In some states, a Deed of....
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