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terms, the creation of a mortgage gives the legal title of the land to the mortgagee and an equitable title best mortgage rate "equity of redemption") to the mortgagor. The legal title, however, only exists as a security for a debt and does not convey any title or powers associated with real property. The mortgage instrument contains two parts: the mortgage, which is the pledge best mortgage rate promissory note (or simply note) which is the actual evidence of the debt and promise to repay To protect the lender, a mortgage is recorded in the public records creating a lien (when there are multiple liens, order of recording determines priority). Since mortgage debt is often the largest debt owed by the debtor, banks and best mortgage rate mortgage lenders run title searches of the real property to make certain that the lien of the mortgage is prior to anyone else's claim. Tax liens, in some cases, will come ahead of mortgages. For this reason, if a borrower has delinquent property taxes, the bank will often pay them to prevent the lienholder from foreclosing best mortgage rate wiping out the mortgage. A recent report from the federal reserve indicates a sharp rise in housing values in the best mortgage rate decade. They say that rise has led to a buildup in mortgage debt. Greg McBride, senior financial analyst at Bankrate.com, said the proposed credit won't help homeowners in regions of the country, like New York and California, where housing prices have skyrocketed. ``It seems to ignore the plight best mortgage rate a first-time buyer in an expensive market,'' he said. Because the panel would convert the deduction to a credit, taxpayers who pay income tax at marginal rates over 15 percent will see their benefits shrink. Almost 36 million best mortgage rate claimed the deduction in 2003, according to the most recent statistics compiled by the Internal Revenue Service. The President's Advisory Panel on Federal Tax Reform urged the administration to do away with originator best mortgage rate
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