Standard mortgage terms and conditions explained

A mortgage is a form of loan that transfers ownership of a home (or other real estate) from a borrower to a lender (usually a bank). The loan is said to be secured on the home.

A mortgage document creates a detailed contractual relationship, imposing obligations on the borrower and lender.

Mortgages are commonly made to assist with the purchase of a home, or to fund home repairs, children’s education, or health expenses.

Banks often make a mortgage offer in writing and the offer terms must be satisfied before an advance is made to a borrower.

Frequent offer terms are that an attorney must confirm the borrower’s title to the property, the property must be insured for a specified minimum sum and that the borrower has signed the relevant documents, including the mortgage deed. Other common requirements are for valuation fees and arrangement fees to be paid…

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