Credit is an essential component of a healthy economy. It fuels the construction of homes and businesses, helping build community. The borrowing and lending process is a complex and delicate balance, with the need for capital on the one hand, and concerns about the security of the investment on the part of the lender. A solid understanding of the key components of the lending process can help you protect your interests as you weigh your options.
The promissory note identifies the parties, the obligations and the contingencies of the repayment agreement. For example, a promissory note will specify what constitutes a late payment, what constitutes default, and what remedies are available in the event of a default.
The mortgage or deed of trust identifies the borrowers, and provides a legal description of the property, as well as the common street address.
GetLegal.com’s Borrowing and Lending Center provides helpful information for parties on all sides of a financing transaction.
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