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Difference between revisions of "Mortgages and Financing a Home Purchase"
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Mortgages and Financing a Home Purchase (view source)
Revision as of 05:24, 17 February 2019
, 05:24, 17 February 2019→A mortgage gives the lender an interest in your property
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===A mortgage gives the lender an interest in your property=== | ===A mortgage gives the lender an interest in your property=== | ||
A ''mortgage''' is a type of loan, often used to buy a home or other property. The lender, such as a bank or trust company, provides part (often most) of the purchase price of the property. The borrower promises to pay the lender back, plus interest. | A '''mortgage''' is a type of loan, often used to buy a home or other property. The lender, such as a bank or trust company, provides part (often most) of the purchase price of the property. The borrower promises to pay the lender back, plus interest. | ||
Under the [https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-250/latest/rsbc-1996-c-250.html#sec231_smooth law in BC], a mortgage gives the lender a “'''charge'''” — meaning an interest or a right — against the property being purchased. That charge gives the lender rights if you “default” on the mortgage. The most common way for a borrower to default is by not making payments under the mortgage as promised. | Under the [https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-250/latest/rsbc-1996-c-250.html#sec231_smooth law in BC], a mortgage gives the lender a “'''charge'''” — meaning an interest or a right — against the property being purchased. That charge gives the lender rights if you “default” on the mortgage. The most common way for a borrower to default is by not making payments under the mortgage as promised. | ||
===If you default on your mortgage=== | ===If you default on your mortgage=== | ||
