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What is a home mortgage?

Updated: 9/15/2023
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9y ago

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A home mortgage is a loan that is secured by property through the use of a mortgage note that ultimately grants you a mortgage for your home. You can obtain financing on the purchase of your new home or any home.

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What if you pay your first mortgage but not your home equity?

If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.


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What is the approximate home mortgage rate for a home in Florida?

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