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Texas Mortgages
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By Eric Morris

A mortgage is a loan obtained to purchase a house, apartment, or any other real property. In a mortgage, the buyer of the property pledges the real property to the financial institution that lends the money. This is documented in a promissory note and serves as the security for the loan in the event of any default by the borrower on the mortgage payments. Normally, mortgage payments are made every month. Mortgages are taken for many years, the most common term being thirty years.

In Texas, as in most other states, a mortgage document must be signed by the owner of the property, approved by a notary public, and recorded with the Recorder of Deeds or County Recorder. The lender has the right to foreclose the mortgage and sell the property to recover the loan if the borrower fails to make timely payments as agreed to in the promissory note.

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During the time that the property is under a mortgage, the title to the property remains with the lender though the borrower can continue occupation. The title is transferred from the lender to the borrower upon complete repayment of the mortgage. There are both mortgage lenders and mortgage brokers in Texas. Some financial institutions in Texas perform the roles of both lenders and brokers.

Mortgage deals in Texas have helped the state

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This entry was posted on Friday, July 21st, 2006 at 5:53 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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