Residential Mortgage Document

A residential mortgage document is a legal document by which the owner of a residential property uses the title to the property as collateral or security for securing a loan. The borrower returns the loan amount at fixed installments, rate of interest and term of 10-30 years. In case the borrower is not able to pay back the amount, the lender can foreclose on the mortgage and sell the property and the proceeds from the residential property is used to pay for the loan. A residential mortgage document must contain the information and signature of both the borrower and lender and must also be approved of by a notary officer.

Sample Residential Mortgage Document:

Residential Mortgage Document

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Posted in Mortgage Documents