The Five Keys That Are Found In A Mortgage by real estate expert Fulton Gaylord
By Fulton Gaylord, 1st-Time Home Buyer Realtor - Charlottesville, VA
(Keller Williams Realty)
The Five Keys That Are Found In A Mortgage by real estate expert Fulton Gaylord There are items that I like to call the keys that are found in a mortgage. When discussing a mortgage, these are very important to understand. In our discussion we are going to talk about the responsibilities of both the mortgagor and mortgagee. Key # 1 – Pay the main or principal mortgage debt.This is one of the agreements that must be met by the person that is purchasing the house in [Profile.market3]. This person is also known as the mortgagor. So basically this is saying that if you go to purchase a house in [Profile.market3] and then borrow money, then it is your responsibility to pay the principal part of the debt.Key #2 – Keep insuranceThis key states that if you borrow some money for a mortgage, then...