Your property’s title is transferred from the seller to the buyer at your closing. That’s an indisputable fact. However, what documents, exactly, are you signing? It could get a little bit overwhelming, and you could feel a little excitement nausea. Among the many, these are the
Mortgage Note
- A legal document that sets out all the terms of the mortgage between a buyer, or borrower, and their lending institution. The terms set forth in the mortgage note are the total amount of the loan, the down payment amount, whether monthly or bi-monthly payments will be made, if the loan is fixed-rate or adjustable interest rate and if there’s a pre-payment penalty.
Mortgage
- A mortgage, or home loan, is an agreement between the borrower and the lender to buy a home without giving all cash up-front. The agreement gives lenders the legal right to repossess the property if the borrower fails to meet the terms of their mortgage, which often happens if repayment failure occurs.
You will also receive the title of your home, along with a few other items. You will receive a commitment to issue a title policy, along with warranties. If you’d like to have Gables Title Group assist you in the purchase or refinance of your real property, we’re more than happy to represent you from contract to closing.
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