A mortgage financing agreement refers to the process of getting a loan through the collateral of a particular real estate property by which the borrower has to make some payments to the financial institution in specific amounts mentioned in the agreement. It is a long-term loan, usually consisting of a 10 to 30-year term, by which one finances the buying of that real estate property. The borrower pays the loan amount in installments along with the interest fixed by both the parties, thereby building equity in that property.
The property can be used by the borrower but he does not technically own it. When the loan is paid in full, the title is transferred to the borrower’s name. If he cannot pay the loan back, then the property can be taken back by the lender. A mortgage financing is useful because one need not pay the entire amount to buy large real estate properties and use it.
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Sample Mortgage Financing Agreement
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