When the debt is repaid, the mortgage in Wareham is discharged and the satisfaction of mortgage is recorded. Because most people can’t afford to buy real estate with cash, nearly every estate transaction involves a mortgage.

The party who borrows money is called the mortgagor, while the party who pays the money is known as the mortgage. Previously, under the U.S and English Law, the mortgage was considered to be a complete transfer of a title from the borrower to the lender. The lender was entitled not only to payment of interest, but also to any rents and profits that emerged from the estate. Thus, the real estate had no value to the borrower, unless the all of the lent money was paid off with due interest.

All the functionalities of the mortgage need to be executed as per the rules and regulations of the state, where the property is located. It must describe the real estate, and contain the legal signatures of all involved property owners, as well as their spouse. Certain states also require witnesses along with acknowledgement in front of a Notary Public.

PCT Federal Credit Union understands that purchasing a home is a crucial decision in your life. That is why our knowledgeable loan officers are always eager to help you weigh your options, and understand the benefits of owning a home. Whether you are interested in conventional first mortgage in Wareham or government programs, we are there to help you at every step.

We at PCT Federal Credit Union can help you get to a point where you could no longer have a mortgage, in a shorter period of time. Our experts can assist you in retiring from your mortgage payment, allowing you to start saving money. We will guide you to a mortgage product that best suits your needs and financial plan.

To learn more about how we can help you purchase the home of your dreams, you can call us at 508-291-0777, or visit our website at pctfcu.org