What happens when you mortgage your house? When you get a mortgage you will sign legal documents known as a mortgage note that promise you will repay the balance of your mortgage, with interest and other possible costs over a set period of time. If you default on your mortgage payments, the lender is allowed to take back your house and sell it.
Before you commit to a lender, ask these 10 questions of your potential mortgage broker. If you don't like the answers you receive, continue shopping for a loan... more