Mortgages and Deeds

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Commonly Asked Questions about Mortgages and Deeds

Types What are the 3 types of mortgages?

Your home serves as collateral on the loan, but you own it for most intents and purposes. You have the power to make decisions about the property including when and how to renovate, add on, decorate, paint, change the landscaping, etc. You also have complete control over when to sell your home. Who Owns Your House: You or Your Mortgage Lender? kingsmortgage.com purchasing-a-home kingsmortgage.com purchasing-a-home

Is a mortgage and deed the same thing?

To put simply, the deed is the legal document that proves who holds title to a property, while a mortgage is an agreement between a financial lender and borrower to repay the amount borrowed to purchase a home.

Who has the responsibility to record the mortgage and the deed?

So, who is responsible for recording a property deed? This responsibility typically lies with your title or escrow agent. They will record the deed by filling out and filing your original deed in the appropriate government office in your local county.

Who holds the deed on a mortgage?

Since the deed is tangible, it transfers the title from the seller (commonly referred to as the grantor) to the buyer (otherwise known as the grantee). The grantee will receive the title to the property and the associated deed at the closing phase of the home buying journey.

Whats the difference between a mortgage and a deed of trust?

A deed of trust is a legal agreement thats similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.

What if my ex is on the deed but not on the mortgage?

If your spouse is on the deed but not the mortgage, they own the house but are not liable for the mortgage loan and the resulting payments.

What happens if my name is on the mortgage but not the deed?

If your name is not included in the title deed of the home but is included in the mortgage, this can mean that you do not have an ownership stake in the property while also being obligated to make payments to the mortgage.

What happens if your name is on the deed but not the mortgage?

In other words, if your name is on the deed, you are tenants-by-the-entireties, and if one of you dies, the other owns the property entirely. If you are not on the mortgage for whatever reason, you are not liable for paying the mortgage loan. That said, you get your spouses interest in the property if they die.

Contents What is on a mortgage deed?

The mortgage deed is the document that states that you and the lender have agreed to use the property as a security to protect the mortgage. The deed contains information on the conditions of the mortgage, repayment schedule, length of the mortgage, mortgage rates, type of mortgage and security for the mortgage. A mortgage deed: What is it? Why is it important? - SO Legal solegal.co.uk insights mortgage-deed-wh solegal.co.uk insights mortgage-deed-wh

Is the title and deed the same thing?

A deed is an official written document declaring a persons legal ownership of a property, while a title is a legal concept that refers to ownership rights. Heres a way to remember the difference: You can own a physical copy of a book, but you cant hold the books title in your hand.