- Mortgage loans are secured by real property, which means your mortgage must be paid in full before you can receive any proceeds from selling it.
- Title to your home is vested in your name(s) subject to mortgage loans and other liens against the property. Your mortgage information appears on any search of public records for your property.
- Mortgage loans might have fixed interest rates or adjustable interest rates. If you're getting an adjustable rate mortgage (ARM), it's important to understand how and when rate adjustments can impact monthly mortgage payments.
- Mortgage loans can include features that impact how and when your mortgage will be repaid. Interest-only payments and deferred-mortgage interest can keep your mortgage balance from decreasing, and it might increase if deferred interest is added to the original mortgage amount.
- Mortgage loans and actions associated with them, including foreclosure proceedings, are a matter of public record. This can lead to unsolicited offers of financing, foreclosure help and legal assistance.
- Your mortgage lender can take title to your home through foreclosure if you fail to meet terms and conditions outlined in your mortgage documents. Foreclosure can occur if you fail to make mortgage payments or jeopardize the mortgage lender's security interest in your home.
