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  • Buying a house, the American dream,

  • and like most everybody else,

  • it takes a loan to have that part of the American dream.

  • When you're getting down to the nitty-gritty of the loan process,

  • you'll be signing a whole lot of papers.

  • But what are all these parchments you're scribbling on?

  • Well, each and every one is a legally binding document

  • with legal consequences.

  • And two of those documents are more important

  • than any of the others--

  • the note and the mortgage.

  • The note, which is also called a promissory note,

  • is really just a fancy IOU.

  • The note says you owe the bank

  • and that you're going to pay them back over time

  • while also detailing how much time you have to pay them back

  • and what the interest rate is.

  • Not only that, the note will also contain information

  • on how you and the bank can contact one another.

  • Now, the mortgage is something a little different.

  • A mortgage is a lien against your home

  • to guarantee the payment of the note.

  • It follows the note around like a faithful sidekick.

  • The mortgage is what gives the bank the right

  • to foreclose on your home if you do not pay back the note.

  • Like the note, the mortgage will also consist of additional information

  • such as how the bank must notify you regarding nonpayment

  • and any additional money you may owe the bank for taxes

  • and insurance.

  • The mortgage is what gets filed or recorded in official county records,

  • so that others can see if a lender has some rights

  • to the value of the house--

  • sort of like first dibs

  • on any money that would come from selling the house.

  • Everything comes to a head appropriately at the closing

  • of the contract on the house.

  • Here, the buyer and seller will meet

  • along with the appropriate bank agents and representatives.

  • The seller will sign over the deed of the house to the buyers

  • and they in turn will sign the note and the mortgage

  • along with any other loan papers.

  • The language in these documents is generally considered non-negotiable

  • from the bank's point of view.

  • Double check all the numbers and information.

  • Have the closing agent explain whatever isn't clear

  • if need be.

  • If the terms in the loan papers are different from what you agreed on,

  • do not sign.

  • In those cases, and because of the fixed nature

  • of the closing documents,

  • you don't have much choice other than walking away

  • at that moment to refigure things out.

  • For help in understanding all of these documents

  • and any other loan issues, turn to LegalYou.

  • LegalYou, you can do this.

Buying a house, the American dream,


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A2 初級

手形と住宅ローンの違い (Difference between a Note and Mortgage)

  • 55 3
    Amy.Lin に公開 2021 年 01 月 14 日