What is a mortgage agreement?

A Mortgage Agreement is a pledge by a borrower that they will relinquish their claim to the property if they cannot pay their loan. Contrary to common belief, a Mortgage Agreement isn't the loan itself; it's a lien on the property. Property can be expensive and sometimes a lender wants more than just the loan agreement to back everything up. A Mortgage Agreement is the remedy in case the loan isn't repaid.

Use the Mortgage Agreement document if:

• You're borrowing money to purchase property.
• You're lending someone money to purchase property.
• You manage a company that makes loans.

If you're in the process of buying property there's a good chance you'll need a Mortgage Agreement. Buying a home is often a person's biggest investment, and some collateral may need to be involved. As a borrower, you can't borrow an enormous sum of money without some incentive to pay back the loan - a Mortgage Agreement serves to guarantee the loan. Conversely, as a lender you're likely not going to want to lend a large sum of if you feel you won't get it back. A Mortgage Agreement puts a lien on the property and provides security to lenders.

Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate. We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.

Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.