|
Back To Home Page>> |
|
|||||
|
The choices:
|
|
||||
|
When home owners enter into a loan contract to obtain finance for their home, it is crucial that the terms in the contract are fully understood before execution. |
|||||
|
The law requires the loan contract to tell home owners certain information: what is the total amount borrowed, what is the interest rate, what are the fees and other charges; and sometimes the total amount home owners will need to pay back. |
|||||
|
From a legal point of view it is important to note that the loan contract gives the lender the legal title of your home: if you are unable to meet your repayment obligations, the lender has a right to sell your home to recover the money you owe. This procedure is commonly known as "foreclosure". |
|||||
|
|
© 2009. TBL P/L. All rights reserved