At Equity Real Estate we know that real estate terms can sometimes be confusing. We are going to share with you some common real estate terms and their meanings to help give you a greater understanding when you are trying to buy or sell a home.
*Mortgage: a written instrument that creates a lien upon real estate as security for the payment of a specified debt. Example: Lowry wants to buy a home. She needs a loan to complete the purchase . As collateral, Lowry offers a mortgage on the property to the lender.
Note that the borrower gives the mortgage, which pledges the property as collateral. The lender gives the loan.
At Equity Real Estate we are here to help you navigate the home buying and selling process. Give us a call with any questions!
*Barron's Real Estate Guides; Dictionary of Real Estate Terms