Florida Mortgage Loans

When purchasing a home, most people must borrower the money needed from a bank or lender. In exchange for the loan, the lender requires that the home owner sign a promise to pay back the loan over a specified time period (the "promissory note"), and requires that the home owner record a public lien stating the lender is entitled to ownership of the home if the loan is not paid back as promised ("mortgage"). Upon signing the promissory note and mortgage, the borrower gains given title and ownership of the home by recording a public document along with the mortgage (the "deed"). Subsequently, the borrower owns the house free and clear subject to living up to the promise to pay the lender the agreed upon amount over the agreed upon time period.