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Mortgage Law

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A mortgage deals with the transfer of a security interest in land, held with a lender as a security for a loan of money. It is very popular technique of financing real estate transactions. It is not a debt in itself but the lender’s security against a debt. In some states, witnesses are required for the acknowledgement before a legal representative. the borrower guarantees to repay the debt specifying the terms of the transaction such as the sum of debt along with rate of interest, mortgage payable date, monthly payments with if a borrower fails to re[pay then the property is sanctioned to the lender. 

A mortgage is a loan held by a property/house and paid in installment over a set period of time, while a mortgage in itself is not a debt, it is the mortgage lender security for a debt. A mortgage is the loan you get out for your house /vehicle and keep the property or car as guarantee towards the loan or mortgage a loan secured by property real estate.

Mortgage is a method of using property as security for the concert of a duty, generally the payment of a debt. The deed, also known as a mortgage or Mortgage deed. Mortgages are also known as "liens against property" or "claims on property". Considering the immense sum amount of money that is necessary to purchase property, a mortgage lender will naturally need security for the loan that will offer a claim on that security. A mortgagor generally owes the responsibility secured by the mortgage.

The interest is sum that lender is charge on you to borrow the money. There are special types of mortgage interest rates. Most of the people prefer fixed rate because it consist unchanging rate and variable interest rate means the interest of mortgage can vary or alter. But in some variable rates stay fixed for period and after some time they fluctuate.

A mortgage is a loan used to finance the purchase of a home. Under a mortgage, the buyer used the home as collateral for the loan. The mortgage is the contractual loan requiring the buyer to pay back the amount, plus interest and costs, typically over a 15 to 30 years period.Failure to repay the loan can result in the lender taking back the home and then selling it to pay off the debt. The lender hangs on to the deed until the borrower has repaid the mortgage in full.

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Above Information might be usefull for all the states in US & Canada as below;

Alabama(AL), Alberta(AB), Arizona(AZ), Arkansas(AR), British Columbia(BC), California(CA), Colorado(CO), Connecticut(CT), Delaware(DE), District of Columbia(DC), Florida(FL), Georgia(GA), Hawaii(HI), Idaho(ID), Illinois(IL), Indiana(IN), Iowa(IO), Kansas(KS), Kentucky(KY), Louisiana(LA), Maine(MN), Maryland(MD), Massachusetts(MA), Michigan(MI), Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada(NV), New Hampshire(NH), New Jersey(NJ), New Mexico(NM), New York(NY), North Carolina(NC), North Dakota(ND), Ohio(OH), Oklahoma(OK), Ontario(ON), Oregon(OR), Pennsylvania(PA), Rhode Island(RI), South Carolina(SC), South Dakota(SD), Tennessee(TN), Texas(TX), Utah(UT), Vermont(VT), Virginia(VA), Washington(WA), West Virginia(WV), Wisconsin(WI), Wyoming(WY)

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