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The Real Estate Business
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Chapter 8
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Residential Mortgages
- Mortgage Concepts & Law 
- The Essential Paperwork (Loan Instruments)
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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Residential Mortgages

Section 6 of 41

Lien Theory: Borrower has title, Lender has a lien. (Florida).Note vs. Mortgage: The Note is the I.O.U; the Mortgage attaches that I.O.U. to the house.Hypothecation: You pledge the house but keep living in it.Priority: First in time, first in line (usually).