Mortgage

A lien on property that secures the promise to repay a loan. A security agreement between the lender and the buyer in which the property is collateral for the loan. The mortgage gives the lender the right to collect payment on the loan and to foreclose if the loan obligations are not met. Source: HUD

Most Recent

Dying with a Mortgage: What Happens to Your Home?

The simplest, most likely answer is that your heirs will be allowed to assume your loan and keep the home as long as they make the payments. But, as you'll see, nothing is simple in estate law.

The Paperwork You’ll Need To Apply For A Mortgage

Here's a checklist of what you'll need and it's extensive — W-2s, pay stubs, bank statements, tax returns, brokerage statements and more. It's never too early to start a file and fill it up.

Lending Your Child Money to Buy a Home

Lending money to your child is risky business. But if you can avoid the personal pitfalls and convince the federal government that this is really a loan, and not a gift, the Bank of Mom and Dad can be a financial boon for everyone in the family.

3 free ways to pay your mortgage faster

Paying extra on your mortgage can shave years off your home loan and save tens of thousands of dollars in interest charges. Here's how to get all of the benefits of paying off your mortgage more quickly without wasting hundreds of dollars a year on an accelerated payment plan.

How Much House Can You Afford?

How much house can you afford? If that's on your mind, you're in good company. Mortgage rates are still historically low, making it a good time to purchase.

Smart Moves for Buying a Foreclosure

Deals on foreclosures are still out there. But they're not as easy to find as they were a few years ago, and you still need to avoid all of the costly pitfalls that can turn any repossessed home into a burden, not a bargain.

What You Should Keep In Mind When Buying a Condo

If you're in the market for a condo, picking a unit that will be easy to resell down the road is a critical consideration. You need to consider the location, layout and amenities that will appeal to potential buyers when you're ready to move on.

Secrets to Paying Off Mortgage in 10 Years

An Oregon couple share their success story for how they aggressively paid down their 30-year mortgage and saved big money on interest payments.