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A contract for deed is an agreement for buying property without going to a mortgage lender. The buyer agrees to pay the seller monthly payments, and the deed is turned over to the buyer when all payments have been made
What is mortgage?
A mortgage is a type of loan, but mortgages are not all loans. Mortgages are loans that are "secured." A secured loan requires the borrower to pledge collateral to the lender in the event that they fail to make payments. The collateral in the case of a mortgage is the home.
Mortgages are further classified as 1) conventional mortgages and 2) non-conventional mortgages. 2) Jumbo home loans Mortgages backed by the government 4) Mortgages with fixed rates 5) Mortgages with adjustable rates. There are additional loan types based on these. Mortgages in our country are classified as follows: A straightforward mortgage.
The buyer pays the seller for the property with mortgage funds, and the buyer repays any money borrowed, plus interest and fees, over a set period of time (e.g., 5, 10, 15, 20 or 25 years).
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