Wednesday, September 12, 2012

Starting today, this mortgage blog will track the mortgage lenders still going strong in 2012

A mortgage is the legal instrument that turns a property into collateral for a loan.

The loan is evidenced by the promissory note.
The property ownership is evidenced by the deed.
The mortgage is also called a deed, but a "Deed of Trust" and it legally ties the two things, the Note and the property together.

This means if you don't pay the lender can take the property. And the deed of trust is what makes a mortgage different from a simple loan like a credit card. This is why the say it is "secured by the property"



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