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If you’ve recently had a loved one pass away, you may be wondering what happens to a mortgage when the borrower dies. Unfortunately, there is no one cut-and-dried answer to this question. It depends on who applied for the loan and whether or not the surviving family members want to keep the property. In light…
Put simply, “judicial foreclosure” is the legal term used for a foreclosure that goes through the local court system. However, there is much more to this type of foreclosure than just knowing that courts are involved. With that in mind, we’ve created a guide to the process below. Keep reading to learn what you need…
What’s Included in an Owner Financing Contract Template? A Guide for Buyers and Sellers While it’s easy to find an owner financing contract template online, it’s not always easy to understand what all the legal terms mean. With that in mind, below is a guide to the most important information that needs to be present…
At some point, everyone who’s interested in financing real estate has asked themselves the question, “What is a balloon payment on a mortgage?” While most balloon payments are no longer allowed to be part of most qualified mortgages for consumer purposes, it’s important to note that they can still be used in non-traditional financing arrangements…
As you likely already know, offering the option of seller financing can be an effective way to make purchasing your home an option for a greater variety of buyers. However, you may not be aware that, if you have an existing home loan, the process will become a little trickier, mainly due to the due-on-sale…
Believe it or not, getting a mortgage from a bank is not the only way to finance the purchase of a home. In fact, seller-financing in real estate and, in particular, seller carry-back mortgages — sometimes called vendor take-back mortgages — can often be a viable alternative to a traditional mortgage loan. If you’re wondering…
Real estate has many complex terms and “purchase money mortgage” is one of them. If you’ve asked yourself “what is a purchase money mortgage?” read on below. We’ll tell you what this term means, how it works, and what the benefits are of using this type of financing in a real estate transaction. Key takeaways…
Understanding the secondary market for real estate is crucial for new would-be-buyers and investors alike. With that in mind, below is an answer to the fundamental question “What is the secondary mortgage market?” Keep reading to learn how the secondary mortgage market works, who the major players are in recycling capital, and how you, as…
A mortgage note, sometimes called a promissory note, is a document that contains all the necessary information and terms that property buyers and sellers need to keep track of when it comes to the repayment schedule of a mortgage loan. Essentially, it is a written agreement to pay back the debt. This contract dictates the…
What are Mortgage Notes? Put simply, a mortgage note is a promise to repay a specific mortgage debt. A mortgage note is a legal document which describes the terms of repayment of a loan secured by real estate. The terms include a loan amount, interest rate, payback period among other items. A mortgage note is…
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