Top 10 Mortgage Articles in the LegalMatch Law Library
Home ownership is an essential aspect of the American dream. However, many people do not have the cash upfront to buy their home outright. Therefore, it is probably no surprise that more than two-thirds of American homeowners have a mortgage.
A mortgage is a loan in which your house functions as collateral to a lender. The lender gives you a large loan to cover a percentage of the cost of your home, and you then have to pay back the loan, with interest, over a period of time. This usually entails making monthly payments to the lender.
Here are the Top 10 Mortgage Articles from the LegalMatch Law Library:
The different types of mortgages include: fixed-rate, adjustable-rate, balloon, and interest-only. This article discusses the pros and cons of each type of mortgage.
This article discusses several types of mortgages other than fixed-rate and adjustable rate: jumbo, two-step, assumable, sub-prime, bi-weekly, balloon, construction, and seller financing.
Reverse mortgages are used by residents to pay for medical treatment, home improvements, or supplemental income. Reverse mortgages are a good option for "house-rich-but-cash-poor" residents.
Real estate contingencies are conditions in a home purchase contract that need to be met before the final sales closing can take place. Common contingencies involve financing, inspection, insurance, and improvements.
This article discusses owner carryback mortgages, which are a type of lending arrangement where the owner of a house finances the entire mortgage or a portion of it for a different person. The owner-financer is said to "carry" the mortgage for the debtor.
Land contracts are used when a seller finances the buyer’s purchase of a property.
7. Quiet Title
"Quiet title" is a rather poetic yet technical term referring to a legal action to settle a dispute involving the title to a property.
This article lists the important documents for a mortgage loan and the timeframe for receiving each document. This article wouldbe a great resource for anyone who wants to get a mortgage or who has started the mortgage process.
What are mortgages, trust deeds, and promissory notes, you ask? This article clarifies these and other terms that often arise during the purchase of real estate.
Borrower paid mortgage insurance is insurance issued by a private company that protects the mortgage lender against some or all of the loss caused by a default on a mortgage loan. The main topics in this article are the benefits borrower paid mortgage insurance, cancelling borrower paid mortgage insurance, and the protections offered by the Homeowners Protection Act of 1998.