Mortgage Forms

US Legal Forms offers numerous professional mortgage documents, such as mortgages, mortgage release, partial release, mortgage satisfaction, private mortgage, estoppel certificate, mortgage assignment, mortgage modification, second mortgage, promissory note, and many other mortgage forms.

Mortgage Forms - Legally Finance Real Estate Sales

Introduction

Is a mortgage the answer to your real estate goals? If you've been wondering what mortgages are used for, they are generally the means by which a loan creates a lien on real property. Many use the term mortgage to refer to both the loan note and mortgage. The mortgage note may be a separate loan document from the mortgage document itself. Mortgage forms can also contain the note and mortgage in the same form. The mortgage form does not create the loan, it creates the security interest in real property in case the loan isn't repaid. The mortgage agrees to use the property title as security for the loan. The term mortgage loan is used to refer to a loan that is backed by a security interest created in mortgage documents.

When mortgages wind up in foreclosure for default on the loan contract, the deed to the property can transfer to the lender. How to mortgage isn't complicated. A private mortgage may be created when individuals loan money, sometimes called a purchase money mortgage, seller financing, or owner financing. Mortgage documents are also created by commercial mortgage lenders and agencies like Fannie Mae. US Legal Forms offers numerous professional mortgage documents, such as mortgage release, partial release, mortgage satisfaction, private mortgage, estoppel certificate, mortgage assignment, mortgage modification, second mortgage, promissory note, and many other mortgage forms.

Mortgage Terms

Assignment of Mortgage - a mortgage assignment transfers the mortgage from the original lender to a third party.

Assumption of Mortgage - mortgage assumption occurs when another takes over the loan payments of the borrower.

Balloon mortgage - a balloon mortgage calls for a large final payment at the end of the loan term.

Mortgage Modification - a modification of mortgage may be agreed to by the lender to prevent foreclosure.

Release Of Mortgage - a mortgage release is filed after the loan is repaid to clear the title to the property. Also called a discharge of mortgage. A partial release may be requested when multiple property units are secured by a mortgage.

Second Mortgage - a second mortgage is additional financing based on the equity of the borrower in the property.

Mortgage Deed - a mortgage deed is also called a deed of trust or trustee's deed. The lender's trustee holds the deed until the loan is repaid before transferring the deed to the buyer.

Estoppel Certificate - an estoppel certificate is used by the lender to ensure a tenant won't withhold payments due to claims against a landlord.

Mortgage Documents

Other related mortgage forms include:

  • Mortgage Extension
  • Mortgage Note
  • Assignment of Mortgage Package
  • Satisfaction, Release, or Cancellation of Mortgage Package
  • Mortgage Assumptions
  • Mortgage Satisfaction
  • Estoppel Affidavit by Mortgagee
  • Estoppel Affidavit by Mortgagor
  • Balloon Mortgage
  • Balloon Note
  • Mortgage Addendum
  • Satisfaction of Mortgage
  • Tenant Estoppel Certificate
  • Discharge of Mortgage
  • Second Mortgage
  • Modification of Mortgage
  • Promissory Note
  • Fannie Mae forms

Mortgage FAQs

Can you tell me how to mortgage my property with seller financing?

How to mortgage isn't difficult. US Legal Forms offers a private mortgage form for creating a purchase money mortgage contract. Our purchase money mortgage documents are easy to download and fill in. The promissory note, sometimes called the mortgage note, creates the loan contract, while the private mortgage allows the property title to be used as security for payment of the promissory note. The term private mortgage is often used to refer to the note and mortgage. A mortgage deed, also called a deed of trust or trustee's deed, is used to keep the deed with the lender's trustee. When the mortgage note is fully paid, a deed of reconveyance transfers the deed to the buyer.

How do I get a discharge of mortgage and the deed changed when the loan is paid?

A discharge of mortgage, also called a release of mortgage or satisfaction of mortgage, is a form filed with the county land recorder. The lender is obligated to file a mortgage satisfaction or mortgage release form within the time specified by state statutes. US Legal Forms offers forms to compel the lender to file a discharge of mortgage and deed of reconveyance. A partial release is possible when mortgages cover multiple units of property.

What is a balloon mortgage?

A balloon mortgage refers to a mortgage note that calls for smaller payments at regular intervals and a large payment at the end of the loan term. It may also be called a balloon note.

What is mortgage assignment?

Assignment of mortgage transfers the mortgage from the original lender or borrower to a third party. Mortgage assignment has created confusion in the foreclosure process and sometimes makes locating the mortgage documents and mortgage note difficult. When there has been more than one assignment of mortgage, inability to produce the note and mortgage in court has been raised as a defense to foreclosure.

Usually, mortgage assignment is a transfer of the mortgage lien by the lender. Mortgage assumption typically refers to a transfer of the original borrower's payment obligation to a third party.

What is a second mortgage?

A second mortgage is a security lien created based on a loan contract secured by the borrower's equity in the property. Second mortgages take junior priority to original mortgages.

Do you have forms for mortgage modification?

Yes, we offer a HAMP loan modification package, as well as individual loan modification forms.

What types of mortgage forms do you offer?

Sample mortgage forms offered, among others, include:

  • Mortgage Addendum
  • Second Mortgage
  • Satisfaction of Mortgage
  • Satisfaction, Release, or Cancellation of Mortgage Package
  • Fannie Mae Forms
  • Mortgage Assumptions
  • Assignment of Mortgage Package
  • Mortgage Satisfaction
  • Estoppel Affidavit by Mortgagee
  • Estoppel Affidavit by Mortgagor
  • Balloon Mortgage
  • Balloon Note
  • Tenant Estoppel Certificate
  • Extension of Mortgage Note
  • Discharge of Mortgage
  • Modification of Mortgage
  • Promissory Note

Top Questions about Mortgage Forms

  • What mortgage documents do you need for taxes?

    You require several mortgage documents for tax purposes, mainly Form 1098, which details your mortgage interest. It's also helpful to collect property tax receipts and any documentation regarding mortgage points. Gathering these documents before tax season will save you time and stress. Explore US Legal Forms to find relevant mortgage forms that can assist you in this preparation.

  • What forms do I need to file my taxes if I bought a house?

    When you buy a house, you will need several forms to file your taxes correctly. Most importantly, you will require Form 1098, which shows your mortgage interest payments. Additionally, gather any receipts related to home improvement costs, property taxes, and your closing documents. US Legal Forms can provide convenient templates to help you manage and organize these essential mortgage forms.

  • What are the 6 types of mortgages?

    Understanding the different types of mortgages can help you choose the right one for your situation. The primary six types include fixed-rate mortgages, adjustable-rate mortgages, interest-only loans, FHA loans, VA loans, and jumbo loans. Each of these options has unique features, so reviewing the corresponding Mortgage Forms can aid you in making an informed decision.

  • What 6 items are required for a mortgage application?

    When applying for a mortgage, you will need several critical items. These typically include a completed application form, proof of income, bank statements, credit report, employment verification, and asset documentation. Ensuring you have these Mortgage Forms ready will allow for a smoother application and can help lenders make quicker decisions.

  • What paperwork is needed for a mortgage?

    Obtaining a mortgage requires various essential paperwork to ensure lenders assess your financial health accurately. Critical Mortgage Forms include your credit report, income verification, bank statements, and information about the property. Collecting these documents beforehand can simplify the application process and increase your likelihood of approval.

  • What paperwork is needed for a mortgage pre-approval?

    When seeking mortgage pre-approval, you will need to submit specific paperwork to the lender. Common Mortgage Forms required include proof of income, tax returns, employment verification, and details of any current debts. Being prepared with these documents can greatly enhance your chances of a swift pre-approval process, allowing you to act quickly in the housing market.

  • What not to say to a mortgage lender?

    When speaking with a mortgage lender, avoid making statements that could raise red flags. For instance, do not say that you plan to take on additional debt or that you are uncertain about your employment status. Such statements can negatively impact your mortgage application. Being honest while focusing on your capability to handle mortgage forms will present you as a responsible borrower.

Tips for Preparing Mortgage Forms

  1. Find the appropriate form. Choose the document sample that fits your state. US Legal Forms includes more than 85 thousand state-specific templates that you can download and submit. In addition, the system gives you an informative description of type of real estate contract and agreement to enable you to select the right template.
  2. Specify parties and property. Start entering the names of both parties. You don't need to repeat these names further in the record. It is enough to define them once and replace them with the terms Buyer and Seller. Establish the address and legal information of the property in your Mortgage Forms.
  3. State the terms and deadlines. The price doesn't appear out of the blue. Calculate how much your estate may be worth and choose how much you would like to get for it. Also, go through the amount of earnest money along with the time frame when you need to get the rest. It is essential to set down-to-earth due dates in the sales contract.
  4. Sign to enforce Mortgage Forms. You and another party have to sign the contract so it will be valid. Do it in person or use a legally-binding eSignature. But to close the deal in general, you have to search for other property forms. Avoid spending time on seeking and select a ready-made package of documents with US Legal Forms.