Fact:

What is a mortgage?

 

A mortgage is a legal document that states your lender (who you borrowed money from to purchase the property) has a legal claim on your property.  The lender holds the document (mortgage) as a security for the money that you borrowed.  In other words, the document (mortgage) is security for the repayment of the loan (money you borrowed to purchase the property).  You (the borrower or mortgagor) retain possession and use of the property during the time you pay off the mortgage (money stated owed on the document). 

 

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Fact:

What are closing fees?

 

These are fees or charges for services provided by the lender or other parties involved in the mortgage transaction.  You should ask about these fees very early in the process of getting a mortgage agreement.