Tag Archives | Promissory Note

What's The Difference Between Interest Rate and Annual Percentage Rate (APR)?

By on March 28, 2010 in Mortgage

The difference between APR and actual note rate is very confusing, especially for First-Time Home Buyers who haven’t been through the entire closing process before. When shopping for a new mortgage loan, you may notice an Annual Percentage Rate (APR) advertised next to the note rate.  The inclusion of an APR is actually mandated by [...]

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Understanding An Amortization Schedule

By on March 28, 2010 in Mortgage

By committing to a mortgage loan, the borrower is entering into a financial agreement with a lender to pay back the mortgage money, with interest, over a set period of time. The borrower’s monthly mortgage payment may change over time depending on the type of loan program, however, we’re going to address the typical 30 [...]

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Do I Have To Continue Making My Mortgage Payment If My Lender Goes Bankrupt?

By on March 28, 2010 in Mortgage

When mortgage lenders go out of business and are essentially taken over by the FDIC, homeowners are left wondering if they still need to make a monthly payment. Great thought, and a very common question for many borrowers in the 2006-2010 time frame. The short answer is YES, you still have to continue making mortgage [...]

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Who Owns My Home If I Have A Mortgage?

By on March 22, 2010 in Mortgage

Many borrowers believe that when they purchase a property by obtaining mortgage financing, they also own their home. Technically speaking, full ownership on a property only happens once the mortgage loan amount has been paid in full. To break this down in more detail, there are a few components of a mortgage: A Promissory Note is [...]

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