A mortgage is a loan used to purchase a home. The loan is secured by the home itself, which is why it is also called a "mortgage loan." The lender holds a security interest in the home until the loan is paid off.
A deed of trust is similar to a mortgage, but it is used in some states instead of a mortgage. The deed of trust is also used to secure a loan to purchase a home. The key difference is that the trustee, rather than the lender, holds the security interest in the home.
1. When buying a home as a group of three, it's important to come up with a solid financial plan. This means dividing up the expenses and responsibilities equally among all members of the group.2. Each person should contribute an equal amount to the down payment, and everyone should be on the same pRead more
There is no set answer as to how much time you should wait after closing to refinance your mortgage. It depends on a number of factors, including how long you plan to stay in your home, the current market conditions, and your credit score. If you are thinking about refinancing, it is best to consultRead more
There is no one definitive answer to this question, as it can depend on a number of factors, such as the lender, the type of loan, and the buyer's credit history. However, a credit check is typically pulled sometime in the weeks leading up to the closing date. This allows the lender to assess the buRead more