Do you know the difference?
By DeLena Ciamacco 05/25/2021
What is the difference between a mortgage and a title? If you are a beginner, you should know the difference between a mortgage and title. They are not interchangeable. A mortgage is an agreement that the borrower makes with the lender. He agrees to pay back the lender the amount of money that he has borrowed for the home. The lender will lend you the money at a specific interest rate. You will then have to repay the loans in installments. A title, on the other hand, refers to the rights of ownership to any property. When you own the title to your home, your name will be there on the house. It can be possible that you and your partner jointly own the home, but only your name is listed on the home. It is also possible that while the mortgage papers have your name, the house can be contained in both yours and your partner's name.