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Mortgage - What, Why, When, and How?
by Marc Sisk |
What is a mortgage? Here’s what The New Merriam – Webster Dictionary definition is: “a transfer of rights to a piece of property used as security for the payment of a loan or debt that becomes void when the debt is paid .. |
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What is a mortgage? Here’s what The New Merriam – Webster Dictionary definition is: “a transfer of rights to a piece of property used as security for the payment of a loan or debt that becomes void when the debt is paid.” That’s as plain and simple as it gets, you pledge the property that you’re buying to the lender until your home loan is paid off then the mortgage is released and you own the property free and clear. The term “Mortgage Loan” usually pertains to the loan used to purchase a home. Why and when would you need a mortgage loan? If you’re going to enter
into a real estate purchase transaction (land, residence, or commercial) and
you don’t have the funds available then chances are you’ll need a mortgage loan. In times when |
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