By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
Many borrowers believe that when they purchase a property by obtaining mortgage financing, they also own their home. Technically speaking, full ownership on a property only happens once the mortgage loan amount has been paid in full. To break this down in more detail, there are a few components of a mortgage: A Promissory Note is a document signed by the borrower acknowledging their commitment to pay the mortgage back with interest in a specific period of time. In addition to the terms of repayment, the Note also contains provisions concerning the rights of both parties involved in the agreement. In some states, a Deed of.... Read the COMPLETE BLOG POST HERE: Who Owns My Home If I Have A Mortgage?