When financing the purchase of a home, the Lender gives you a note (promise to repay) and you give the Lender a Mortgage which puts your home up as collateral against the note.
This is why you can get a big loan for 4%, a smaller loan to buy a car at 6% but credit cards are often around 10% with much smaller limits because the credit cards are considered un-secured debt.
To learn more, please click here to visit our website. We are experienced REALTORs based out of Carmel, Indiana. Our team is dedicated to helping our clients Sell their House or Buy a new Home.
No comments:
Post a Comment