7,394
edits
Difference between revisions of "Mortgages and Financing a Home Purchase"
Jump to navigation
Jump to search
Mortgages and Financing a Home Purchase (view source)
Revision as of 00:23, 26 February 2015
, 00:23, 26 February 2015no edit summary
Dial-A-Law (talk | contribs) |
Nate Russell (talk | contribs) |
||
| Line 1: | Line 1: | ||
{{Dial-A-Law Blurb}} | {{Dial-A-Law Blurb}} | ||
{{Dial-A-Law TOC|expanded = housing}} | |||
==What is a mortgage?== | ==What is a mortgage?== | ||
A mortgage is a common way of getting money to buy a house. It’s a contract that gives a moneylender some assurance that a borrower will repay the borrowed money. When you get a mortgage to buy a house, you borrow money from a person or company and you promise to pay back that money, usually with interest and in regular payments. The lender makes sure you’ll repay the loan with a “charge” against your house. That charge means that if you don’t make your mortgage payments, the lender has the right, eventually, to take the property or to sue you for what you owe. | A mortgage is a common way of getting money to buy a house. It’s a contract that gives a moneylender some assurance that a borrower will repay the borrowed money. When you get a mortgage to buy a house, you borrow money from a person or company and you promise to pay back that money, usually with interest and in regular payments. The lender makes sure you’ll repay the loan with a “charge” against your house. That charge means that if you don’t make your mortgage payments, the lender has the right, eventually, to take the property or to sue you for what you owe. | ||