Entering into a mortgage is one of the biggest decisions you will make in your lifetime. As with all important contract agreements, we highly recommend that you seek legal advice before signing the contract.
Under the basic rules of a mortgage, payments are made in installments that cover both an interest amount and a repayment of the original loan. A failure to make payments will cause the lender to make a foreclosure, which allows the lender to declare that the entire debt is due immediately. If you are unable to pay, the lender is able to seize the property and sell it to cover the debt.
If you are planning on entering into a mortgage agreement, seek legal advice first to ensure you understand your rights and responsibilities. Call Thurlow Fisher Lawyers today on 02 9708 2222 or complete our online booking form.