字幕列表 影片播放 列印英文字幕 Buying a house, the American dream, and like most everybody else, it takes a loan to have that part of the American dream. When you're getting down to the nitty-gritty of the loan process, you'll be signing a whole lot of papers. But what are all these parchments you're scribbling on? Well, each and every one is a legally binding document with legal consequences. And two of those documents are more important than any of the others-- the note and the mortgage. The note, which is also called a promissory note, is really just a fancy IOU. The note says you owe the bank and that you're going to pay them back over time while also detailing how much time you have to pay them back and what the interest rate is. Not only that, the note will also contain information on how you and the bank can contact one another. Now, the mortgage is something a little different. A mortgage is a lien against your home to guarantee the payment of the note. It follows the note around like a faithful sidekick. The mortgage is what gives the bank the right to foreclose on your home if you do not pay back the note. Like the note, the mortgage will also consist of additional information such as how the bank must notify you regarding nonpayment and any additional money you may owe the bank for taxes and insurance. The mortgage is what gets filed or recorded in official county records, so that others can see if a lender has some rights to the value of the house-- sort of like first dibs on any money that would come from selling the house. Everything comes to a head appropriately at the closing of the contract on the house. Here, the buyer and seller will meet along with the appropriate bank agents and representatives. The seller will sign over the deed of the house to the buyers and they in turn will sign the note and the mortgage along with any other loan papers. The language in these documents is generally considered non-negotiable from the bank's point of view. Double check all the numbers and information. Have the closing agent explain whatever isn't clear if need be. If the terms in the loan papers are different from what you agreed on, do not sign. In those cases, and because of the fixed nature of the closing documents, you don't have much choice other than walking away at that moment to refigure things out. For help in understanding all of these documents and any other loan issues, turn to LegalYou. LegalYou, you can do this.