What is a mortgage note? Also known as a promissory note or deed of trust note, it's the basic loan contract given to you by your lender-the document you signed on the dotted line to make your deal official. A mortgage note is an important piece of paperwork to keep in your files for a variety of reasons. Here's a rundown of what's on this document, and why it matters. What is a mortgage note?Your mortgage note lays out all the specifics of your loan, including the following:
Your mortgage note is also a contract pledging your property as security for the money you're borrowing. It gives the lender the right to repossess the property if you don't keep your end of the bargain by making payments promptly and regularly, as spelled out in the contract. As you can see, your mortgage note is an essential contract and an important legal document, so if you're buying a home for the first time, make sure you put your mortgage note in a safe place where you know you'll be able to find it. It would be a good idea to have a digital copy of it as well, in case your home is destroyed by flood or fire. However, if disaster strikes and you're unprepared, know that your lender has a copy as well. Mortgage notes and owner financingBanks and other lending institutions are not the only ones to issue mortgage notes. In fact, “Mortgage notes are often associated with sales of property using owner financing,” says Alan Noblitt, owner of Seascape Capital, based in San Diego. With owner financing, the homeowner not only sells the home, but also loans the buyer the money to make it possible. “Oftentimes, owner financing can be a form of financing for buyers who experience difficulties obtaining a traditional mortgage loan through a bank,” Noblitt explains. The buyer then pays this loan back monthly, plus interest, much like a conventional loan. This type of financing, however, typically lasts only a few years-at which point the buyer tries to refinance and apply for a conventional loan from a regular bank. Can mortgage notes be transferred or sold?Just so you aren't surprised later on, here's a fun fact: Your lender can sell your mortgage note without your permission. This happens more often than you might think, and it can happen more than once during the life of your loan. Banks often bundle mortgages together and sell them to investment companies, and the transactions get really complicated. The important thing to know is that the terms of your mortgage note do not change with each new owner, who is required by law to see that the terms remain the same. So when you get that notice in the mail saying that you're now making payments to Bank XYZ, instead of to Bank ABC, whom you've been paying all along, don't sweat it. The only thing that will change is the address where you're sending your payments. Mortgage notes as investmentsAnother fun fact: You can buy other people's mortgage notes. Mortgage notes can be good investments for those who want to get involved with real estate, but are not interested in “the three T's of landlording: tenants, toilets, and trash,” according to real estate investment expert Joel Cone. Mortgage notes can be purchased through mortgage note brokerages (you can find hundreds online). They can also be purchased in shares of mortgage bundles through real estate investment trusts or other similar products. This is a fairly complicated venture, however, so you'll want to do lots of research before you jump in. The post What Is a Mortgage Note-and Do You Know Where Yours Is? appeared first on Real Estate News & Insights | realtor.com®.
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I have shared on Instagram and here that I am doing the whole 30. In fact, I am on round 2 because I love how it makes me feel. I am always looking for new recipes that are whole 30 approved, and if they are successful and yummy, I am sharing them here with you to try! This is a quick and easy meal that is super yummy, packed with vitamins and protein. Zucchini Frittata {learn how to make these recipe cards here} I actually used a pie pan for this recipe, but you can use any 8x8 pan. Enjoy! xoxo I recently spent a weekend in Langebaan with my partner to catch the start of the 2018 flower season. I had decided that I would the trip in order to shoot spectacular kaleidoscope photos of the flowers and write blog on what I saw. With a plethora of places on offer to stay in Langebaan, we chose to spend the weekend at Windtown hotel. The weather was not cooperating with our plans. Flower spotting, which the trip was centred around, did not live up to our expectations. The success of a 'wild-flower-show' is affected by weather conditions. Calm, warm sunny days entice flowers to open, and make for a great flower viewing experience. Much like humans, cold, windy cloudy days tend to make the flowers wrap up and lay low! Mother Nature dealt us a bad hand! We were met with sunny, yet cold, windy days resulting in a muted flower show. Sadly, the flower blog was not going to happen without 'trophy' photos! 'Pictures speak a thousand words' but I could not get pictures! We were forced to look at other options to spend our time. What to do? Well Windtown Hotel came to our rescue! With our flower viewing experience dashed, we found ourselves spending more time indoors than we had anticipated at Windtown. We found the suites to be well appointed. Each suite was armed to the tooth against the cold weather with complimentary hot chocolate, tea and coffee, soft fluffy white linen and an air-conditioner/heater to really make things cosy. Well-appointed rooms. Neat as a pin! The hotel is centres on a well laid-out courtyard with swimming pool, braai (BBQ) facilities and large 'poofs' for when you want to 'chill' Our suite (and most of the other suites) opened up onto the courtyard. Sadly, the weather was not conducive to making much use of the courtyard, but it was well protected from the howling wind. I can only imagine that in summer that the courtyard must be a hive of activity! The courtyard on which the rooms are centred. Since we could not make much use of the courtyard as it was too cold to swim and only the most hardened 'braaier' would have braved the cold to 'slap a shrimp on the barbie' We chose rather to spend our time testing out the menu at their restaurant, aptly named “Breeze”. We chose to dive into their Beef fillet with sweet potato fries and Chicken curry. Both dishes were superb! The service was fantastic with attentive staff and the setting relaxing. Included in the accommodation costs was breakfast, which was also served with by enthusiastic, attentive staff. Everything that can be expected at a well-run hotel was available. 'Breeze' restaurant The hotel is centrally located. Close to shops but most importantly it is a 100m saunter to the lagoon beach. This meant early morning and late evening beach walks to work up the appetite. We did not get the chance to enjoy the spa treatment on offer at the hotel, but next time we will! So often life is too fast to pass a compliment. I have committed myself to passing compliments when compliments are due. Competitively priced, neat and tidy rooms, friendly staff, great food. World class! Thank you Windtown for an awesome weekend! Mother Nature handed me a 'rain check' to view the flowers in better weather conditions! I will be back! – Stephen Steyn The post Langebaan – A Westcoast Trip to View The Flowers appeared first on Contours Landscapes. |
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January 2019
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