|
When purchasing real estate, buyers often take out a loan in order to pay for the purchase. A mortgage is a loan secured by a lien on your home. In some states the term mortgage is also used to describe the document you sign to show that you have granted the lender a lien on your home; other states use a deed of trust document instead of a mortgage. It may also be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage is usually the purchase price of the home minus your down payment.
Different mortgage lenders will offer different rates, so it is wise to shop around for the best rate.
|
