Documenting the loan agreement will help you avoid misunderstandings, eliminate doubt and provide a backup plan should things go awry.
Our Loan secured by Mortgage agreement template clearly sets out
A Mortgage is a security interest in real property (land). It is the vehicle most people use when they are looking to raise money to buy a home; or they wish to borrow additional funds and use the equity they have in their existing property as security for the loan.
The Mortgage is a legal mechanism that protects the lender if the borrower fails to honor all of their obligations (repayment of the principal and interest) under the loan agreement. If the Borrower fails to meet their obligations, then the Lender can take possession of the secured property and sell it in order to pay off the loan.
This Loan secured by Mortgage Agreement has been professionally drafted and formatted for your convenience using Microsoft Word, it can be downloaded immediately and can be used time after time.
Simply insert the correct information in the appropriate fields and go to print.
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