Mortgages

At the time of purchase, you’ll sign a promissory note that legally obligates you to pay back the money you borrowed to buy your house, in other words, it’s the loan. In Florida, the document you sign as a security interest in your house is called a mortgage, and this contract names your house as the collateral for your loan. If you fail to make your loan payments, the lender can then foreclose on your house and have it sold to pay off the loan.

It’s a good idea to shop around and get the best possible deal, because mortgage terms and costs can vary.