- You can receive a variety of terms but the most common are 30 and 15 years. With a 30-year mortgage your payments will be lower but you will pay more in finance charges over the term of the loan than you would with a 15-year loan.
- Mortgage debt is a lien against the real estate property that has been purchased. The lien is perfected when it is filed at the county court house. When your mortgage debt is paid off, a lien release has to be filed with the county courthouse to cancel the lien.
- When you have mortgage debt it represents a legal claim against the home or property. The home is used as security and establishes a promise from the borrower to pay the mortgage debt.
- Mortgage debt has two primary characteristics, principal and interest. When payments are made on a fully amortized loan a portion goes towards interest and part goes to pay off the principal until the loan is paid in full.
- You can obtain a mortgage debt loan from banks, credit unions, financial institutions and possibly from a seller of a property.
Mortgage Terms
Liens
Legal Claim
Principal/Interest
Financial Institutions
SHARE
