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What is a mortgage?Most people have to borrow money when they buy a home. A loan for a home is called a mortgage. To get a mortgage, you sign a mortgage document with a money lender. Examples of money lenders are banks, credit unions, trust companies, Alberta Treasury Branches, life-insurance companies, finance companies, and private lenders.The mortgage document lists the rules for paying the debt that you own on your home. The mortgage document also pledges the home as security to the financial institution until you pay the debt. If you don't pay the debt, the financial institution can repossess your home. | |
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| View Mortgage Definitions here... | |
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Jeff Stacer PO Box 384 1111 Lakeshore Drive SW, Salmon Arm, BC, Canada V1E 4N5 E-mail: info@shuswaphomes.com |
RE/MAX Shuswap Phone: 250-832-7051 Fax: 250-832-2777 Toll Free: 888-356-9955 www.shuswaphomes.com | |
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