Importance of Mortgage Documents

What are mortgage agreements?

Importance of Mortgage Documents

Mortgage agreements are usually loan agreements with terms of the contract between a lender and a borrower. When an agreement is signed, this gives the borrower access to the money. The agreement also grants the lender the right to take possession of the mortgaged property if the borrower does not pay the loan’s installments. There are different types of mortgage loans that include federal housing administration loans, veteran affairs loans, and reverse mortgages. Typically, the federal housing administration and veteran affairs loans offer eligible borrowers preferential rates and terms. Reverse mortgage are special mortgage loans that allow seniors to borrow money using their home as collateral. The terms and conditions of mortgage loan types are detailed in the mortgage loan agreements. Additionally there are fees that borrowers agree to pay their lenders in mortgage agreements. The fees include loan origination costs, broker fees, closing costs and points in the mortgage agreement. The loan document also outlines the mortgage rates. The two main types of mortgage rates are fixed and variable. The government also regulates the mortgage loan industry and has laws that are designated to protect the rights of borrowers.

Why should you keep copies of your mortgage agreements?

Your lender draws mortgage agreements when you place your property as collateral for a loan. When your mortgage is paid, the lender will send you the deed to your property stating that you have paid it off. It is vitally important to retain your mortgage agreement documents. You will need proof of what you still owe or do not owe on your property. That is why it is important to keep your mortgage documents safe.

How to get your mortgage documents?

Getting copies of your mortgage documents is very important. But you may not know where or how to get copies of your mortgage agreements. Do not despair though, because there is an easy way to get your mortgage documents. Certified Field Agent has a simple way to get your mortgage agreements. We have a team of certified field agents that are qualified to fulfill your document needs. Give us a call at 714-632-3480 to get started with obtaining your mortgage agreements. It is important to have copies of your mortgage documents to ensure that you have proof of your loan. We make it stress free for you to get copies for you. Certified Field Agent is ready to help you with all of your document needs. You can also contact us online with your document requests.