{"id":355,"date":"2014-11-14T17:49:17","date_gmt":"2014-11-14T07:49:17","guid":{"rendered":"http:\/\/craigray.com.au\/admin\/?p=355"},"modified":"2015-02-24T18:52:01","modified_gmt":"2015-02-24T08:52:01","slug":"what-is-the-difference-between-a-loan-and-a-mortgage","status":"publish","type":"post","link":"https:\/\/craigray.com.au\/admin\/what-is-the-difference-between-a-loan-and-a-mortgage\/","title":{"rendered":"What is the difference between a &#8216;loan&#8217; and a &#8216;mortgage&#8217;?"},"content":{"rendered":"<p>We often startle clients when we tell them that the home they are selling is encumbered by a mortgage. The response often is:<\/p>\n<blockquote><p>&#8220;<strong>But we paid the mortgage off years ago!<\/strong>&#8220;<\/p><\/blockquote>\n<p>In short, a mortgage is a legal instrument used by lenders to secure loans. It attaches to the real estate and is recorded on the title to the property.<\/p>\n<p>A loan on the other hand is a contract. A promise by the homeowner to repay a debt.<\/p>\n<p>You may have repaid all of the debt without arranging for the bank or credit union to &#8216;release&#8217; the mortgage from the title. The releasing of a mortgage is not an automatic process that occurs on the repayment of the loan in full. It is an extra step&#8211;that will involve the payment of a Titles Registry fee&#8211;that many of our clients are not aware of.<\/p>\n<p>If you are looking at selling your property and you are not sure whether or not it is encumbered by a mortgage, please feel free to contact <a title=\"Sarah Thompson\" href=\"http:\/\/craigray.com.au\/admin\/our-team\/sarah-thompson\/\">Sarah Thompson<\/a> of our office who will be happy to find out if your mortgage has been released.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We often startle clients when we tell them that the home they are selling is encumbered by a mortgage. The response often is: &#8220;But we paid the mortgage off years ago!&#8220; In short, a mortgage is a legal instrument used by lenders to secure loans. It attaches to the real estate and is recorded on [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,35,15],"tags":[],"class_list":["post-355","post","type-post","status-publish","format-standard","hentry","category-conveyancing","category-fa-legal-qs","category-real-estate"],"_links":{"self":[{"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/posts\/355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/comments?post=355"}],"version-history":[{"count":0,"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/posts\/355\/revisions"}],"wp:attachment":[{"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/media?parent=355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/categories?post=355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/tags?post=355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}