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Understanding The Mortgage Process Gerald Mason
What exactly is a mortgage?
In this article I will try and make it more easy to understand the process:
In the most specific term, the mortgage is a document in which the home buyer states the lender will hold a lien on a piece of property until a certain amount of money is paid.
Generally speaking, the mortgage applies to both this document and the loan that is used to secure the property.
Once you have decided on a piece of property that you would like to purchase, you then make an application to a lender for a mortgage loan. The lender uses information about your previous payment history, employment history, and income to determine whether or not to approve you for a mortgage loan...
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