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A mortgage creates a security interest in realty created by a written instrument (traditionally a deed) that either conveys legal title (according to the "title theory of mortgages") or hypothecates title by way of a nonpossessory lien (according to the "lien theory of mortgages") to a lender for the performance under the terms of a mortgage note.
The deed of reconveyance releases the lien the mortgage lender placed on your property. You’ll need this document to prove a clear title when you sell your home.
In property law, title is an intangible construct representing a bundle of rights in (to) a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties.
When a property has a clear title, that means the title is free from liens or other claims that could call its ownership into question. If you're buying a home with a mortgage, your lender will ...
Continue reading → The post Deed of Trust vs. Mortgage: Key Differences appeared first on SmartAsset Blog. When buying a home, it's easy to get lost in the terminology. Understanding key terms ...
Private mortgage insurance (PMI), paid by the buyer but may be reimbursed by the seller. Lenders will typically require that a mortgaged property be insured if the down payment is less than 20 percent, and will usually require that the first full year's mortgage insurance premium (MIP) be paid in advance by the buyer. If the buyer has not ...
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