Mortgage - A lien on the property that secures the Promise to repay a loan.

When you payoff the mortgage the lien gets released.

Interest paid on a real property mortgage, is considered a Tax write off.

A document that legally promises a property to the lender as security for repayment of a loan. Some states, instead of mortgages, call them First Trust Deeds.

A mortgage can be secured through a local bank, a private investor or a mortgage broker.

A mortgage is the biggest investment in most people's lives and should be treated as that. Please consult a mortgage professional to understand what a mortgage is and what is at stake when obtaining a mortgage.

You can have multiple mortgages on one property. Many homeowners have a 2nd mortgage, but it's not impossible to have even a third mortgage..

Mortgage and Home Loan are synonymous. Note is another term used in conjunction with a mortgage since it outlines the terms of the mortgage.

In some states the term Trust Deed or Deed of Trust is used synonymously with Mortgage. Each state has different criteria how these instruments are recorded with the local county recorder. Many states do not allow certain types of mortgages or riders to be attached to the mortgage, such as a pre pay penalty rider, or a high cost loan rider, or allow cash-out greater than a certain amount of the home's value. These items are dictacted by your state and not federally, so it is important your mortgage broker professional understands your state-specific statutes.

The terms of the mortgage will depend on the local bank, or lender that you acquired the loan from.

Mortgage Application - A mortgage application is also called more commonly a 1003 and sometimes a URLA (Uniform Residential Loan Application). The mortgage loan application must be completed in order to apply for a home loan. It must be completed accurately and completely. Completing an application is the first step to reaching your dream of homeownership.

A mortgage application provides thel lender with the borrowers personal information, income information, employment history, asset and liability information. The application also provide details of the proposed loan transaction.

Once filled out, the mortgage application is then given to an underwriter along with other documents verifying the accuracy of the completed application. The mortgage application also determines what is known as your debt ratio and will help determine how much of a house you can afford.

The U/W will use this application in determining if you will qualify for a loan. In terms of how important this application is, you would consider this your loan resume.

Make sure all information that you give is accurate. Any inconsistancies or innacurracies may result in a denial or a higher rate product because you do not qualify for the initial product.

The Uniform Residential Loan Application, or 1003, has to be used for all conforming loans delivered to Fannie Mae and Freddie Mac. This form is so widely accepted in the mortgage industry that even non-conforming lender banks use it. Some commercial property lenders also use this application form.

Recently the 1003 mortgage application was revised. This revision happened at the beginning of 2006.

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