A mortgage is not a loan. A mortgage, or deed of trust in some states, is the security instrument that creates the lien against the real estate. The loan is created by the note, sometimes called the promissory note. A mortgage promissory note is a promise to pay.
A conventional mortgage is available if you have good credit. The interest rate is lowest with a conventional mortgage.
Most borrowers prefer a fixed-rate mortgage. But it is also possible to have an adjustable rate mortgage, a bi-weekly mortgage and a balloon mortgage.
An adjustable rate mortgage means the interest rate that the borrower pays can go up or down. It is usually fixed to a certain index, like the 10-year treasury bond index plus a certain percentage. Adjustable rate mortgages usually have a cap on the maximum annual increase and the total increase in interest rate possible. While not common in the USA, many countries, such as the UK only have adjustable rate mortgages.
A Sub-prime mortgage is available if your credit is not so good. The interest rate is higher with a sub-prime mortgage to compensate the lender for the extra risk they are taking.
The payments on a balloon mortgage are calculated as if it was going to amortize over a long period of time, like 30 years. Although an interest only mortgage is possible. But however, after perhaps 5 or 10 years the entire outstanding balance must be paid off in full.
We recommend using tested, legally binding mortgage documents if you create a mortgage either as an investor or for seller financing. The mortgages below are samples of what such mortgages look like.
|Alabama Mortgage||Alaska fixed note||Alaska mortgage deed of trust||Arizona Mortgage deed of trust||Arkansas mortgage|
|California mortgage deed of trust||Colorado mortgage deed of trust||Connecticut mortgage||Construction loan rider||DC Mortgage deed of trust|
|Delaware mortgage||Florida fixed note||Florida mortgage||Georgia mortgage deed||GUAM mortgage|
|Hawaii mortgage||Idaho mortgage deed of trust||Illinois mortgage||Indiana mortgage||Iowa mortgage|
|Kansas mortgage||Kentucky mortgage||Louisiana mortgage||Maine fixed note||Maine mortgage|
|Maryland mortgage deed of trust||Massachusetts mortgage||Michigan mortgage||Minnesota mortgage||Mississippi mortgage deed of trust|
|Missouri mortgage deed of trust||Montana mortgage deed of trust||Multi-state condominium rider||Multi-state fixed balloon note||Multi-state fixed note|
|Multi-state assignment of rents||Navajo Nation mortgage||Nebraska mortgage deed of trust||Nevada mortgage deed of trust||New Hampshire fixed note|
|New Hampshire mortgage||New Jersey mortgage||New Mexico mortgage||New York fixed balloon note||New York fixed note|
|New York mortgage||North Carolina mortgage deed of trust||North Dakota mortgage||Ohio mortgage||Oklahoma mortgage|
|Oregon mortgage deed of trust||Pennsylvania mortgage||Puerto Rico fixed note||Puerto Rico mortgage||Rhode Island mortgage|
|South Carolina mortgage||South Dakota||Tennessee mortgage deed of trust||Texas home equity fixed note||Texas home equity mortgage deed of trust|
|Texas mortgage deed of trust||Utah mortgage deed of trust||Vermont fixed note||Vermont mortgage||Virgin Islands mortgage|
|Virginia mortgage deed of trust||Washington mortgage deed of trust||West Virginia fixed note||West Virginia mortgage deed of trust||Wisconsin fixed note|
|Wisconsin mortgage||Wyoming mortgage|
The mortgage documents on this site come from the FannieMae website and are
their copyright. They have been electronically converted by us to
htm format and may contain spelling mistakes.
Archived for Educational Purposes only Under U.S.C. Title 17 Section 107 by Mortgage-the.com in May 2004. Go to the Fannie Mae web site if you wish to see if there is a newer version of any of these forms.
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