When do you really get full ownership on your property?
July 31st, 2008 by admin
Learning about the terms and how Bonds and property ownership work can be confusing for many people. While there are certainly many resources out there to help you mortgage your home, many of the terms can be confusing. A mortgage is, simply, a proof of debt - it works as somewhat of a trade between yourself and your financial institution. When your home is mortgaged, part of your ownership of your home or land is transferred to the financial institution. This works as a promise that you are to pay back the loan they gave you in trade for mortgaging your home. When the mortgage has been paid off, the transfer of ownership goes entirely back to the home owner, and out of the bank.