👉 Mortgage vs Note Vs Deed
Imagine two people with the same name and a mortgage on their home, but one of them is trying to sell the house while the other wants to buy it. Here's how they might be represented in our slang: Mortgage: They both have an obligation to pay back the loan. Note: The note indicates they need to provide security for payment and the interest on the mortgage. Deed: It's a legal document that outlines a transfer of property rights between two parties. Example Sentence: "Hey, my mortgage is due soon! I'm thinking of selling it... and buying a new one!" This sentence might seem a bit unsettling or eerie if you're not familiar with the terminology used in these phrases.
