When we think of purchasing a house, we think of taking home loans from banks. Various banks have different policies to give loans. These different policies ensure home loans by keeping your property as a mortgage. Banks provide various kinds of mortgage options to secure a home loan. Now you may have heard about registered mortgages or deeds of trust while taking a home loan. You may wonder what is the difference between a deed of trust and a mortgage. Well, both are the same thing. I will tell you why a registered mortgage meaning Deed of Trust is the same thing.
When you apply for a registered mortgage to get a home loan you are signing for a bond where the bank or the lender can do whatever they want with your property if you fail to pay your home loan.
By keeping your property as a mortgage you are creating a trust between the bank that even if you fail to pay your loan they don't need to pay for your loss in the future, therefore the deed of trust is also called a registered mortgage.
The bond of a registered mortgage is signed in the sub-registrar office between the lender, borrower, and the registrar. Hope you now know the registered mortgage meaning.
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why Registered mortgage is also known as Deed of trust
Harsha
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2021-09-23T18:53:33+00:00 2021-09-23T18:53:33+00:00Comment
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