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What is a mortgage?

Technically a Mortgage is a legal document of security taken over an asset as surety for payment in terms of a contract (usually a loan).

In “slang” terms it has grown to mean loan or housing loan and in some cases the Mortgage document and Loan Contract are combined into the one joint document. A Mortgage document that is stand alone can be used to support many new loan contracts with the same lender and in rare cases the mortgage document can even be re-assigned to another lender.

In some states the stamp duty payable can be transferred between lenders and in some states this duty has been or is about to be abolished.

If you want to discus Mortgages (loans) please call Your Local Finance mortgage broker on

 

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