Check prepayment conditions in your mortgage and read all documents. Purchase Loan - A mortgage loan to facilitate the purchase of real estate. The cash down payment is based upon a percentage of the selling price. The difference between the cash down payment and the selling price is the mortgage amount. A title policy is issued which insures against defects in the title.
Title insurance is for the buyer s and lender s protection.
This is the most popular type of home ownership. As the owner of a single family dwelling, you are totally responsible for paying the mortgage, property taxes, and any other carrying expenses, including all maintenance costs. Condominium - As the owner of a condo, you own your living quarters in the same way that a single family homeowner does. You also own a share of the common space, such as gardens, parking areas, community facilities. You pay a monthly maintenance fee for the common expenses.