What is a mortgage?

A mortgage is not a loan. A mortgage is the security instrument that creates the lien against the real estate. The loan is created by the note, sometimes called the promissory note, A mortgage promissory note is a promise to pay.

Fixed rate mortgage

Most people prefer a fixed-rate mortgage. But it is also possible to have an adjustable rate mortgage, a bi-weekly mortgage and a balloon mortgage.

Conventional mortgage

You can get a conventional mortgage if you have good credit. This will give you the lowest interest rate.

Sub-prime mortgage

But if your credit is not so good you can get a sub-prime mortgage. The interest rate is higher with a sub-prime mortgage to compensate the lender for the extra risk they are taking.

Adjustable rate mortgage

An adjustable rate mortgage means the interest rate can go up or down. It is usually fixed to a certain index, like the 10-year treasury bond index plus a certain percentage. Adjustable rate mortgages usually have a cap on the maximum annual increase and the total increase in interest rate possible.

Balloon mortgage

A balloon mortgage is usually calculated as if it was going to amortize over a long period of time, like 30 years. But however, after perhaps 5 or 10 years the entire balance has to be paid off in full.

State by State Mortgage Documents

We recommend using tested, legally binding mortgage documents if you create a mortgage either as an investor or for seller financing. The mortgages below are samples of what such mortgages look like.

Alabama Mortgage Alaska fixed note Alaska mortgage deed of trust Arizona Mortgage deed of trust Arkansas mortgage
California mortgage deed of trust Colorado mortgage deed of trust Connecticut mortgage Construction loan rider DC Mortgage deed of trust
Delaware mortgage Florida fixed note Florida mortgage Georgia mortgage deed   GUAM mortgage
Hawaii mortgage Idaho mortgage deed of trust Illinois mortgage Indiana mortgage Iowa mortgage
Kansas mortgage Kentucky mortgage Louisiana mortgage Maine fixed note Maine mortgage
Maryland mortgage deed of trust Massachusetts mortgage Michigan mortgage Minnesota mortgage Mississippi mortgage deed of trust
Missouri mortgage deed of trust Montana mortgage deed of trust Multi-state condominium rider Multi-state fixed balloon note Multi-state fixed note
Multi-state assignment of rents Navajo Nation mortgage Nebraska mortgage deed of trust Nevada mortgage deed of trust New Hampshire fixed note
New Hampshire mortgage New Jersey mortgage New Mexico mortgage New York fixed balloon note New York fixed note
New York mortgage North Carolina mortgage deed of trust North Dakota mortgage Ohio mortgage Oklahoma mortgage
Oregon mortgage deed of trust Pennsylvania mortgage Puerto Rico fixed note Puerto Rico mortgage Rhode Island mortgage
South Carolina mortgage South Dakota Tennessee mortgage deed of trust Texas home equity fixed note Texas home equity mortgage deed of trust
Texas mortgage deed of trust Utah mortgage deed of trust Vermont fixed note Vermont mortgage Virgin Islands mortgage
Virginia mortgage deed of trust Washington mortgage deed of trust West Virginia fixed note West Virginia mortgage deed of trust Wisconsin fixed note
Wisconsin mortgage Wyoming mortgage      

The mortgage documents on this site come from the FannieMae website and are their copyright. They have been electronically converted by us to htm format and may contain spelling mistakes.
Archived for Educational Purposes only Under U.S.C. Title 17 Section 107 by in May 2004.
Go to the Fannie Mae web site if you wish to see if there is a newer version of any of these forms.
Website/Library at

Any copyrighted work in the website/library is archived here in accordance with Title 17 U.S.C. Section 107, for fair use without profit or payment, and to those who have expressed a prior interest in reviewing the included information for personal use, non-profit research and for educational purposes only.

Financial Calculators

Just click on the link below to select the calculator you want, also check out our free downloads.
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Financial Calculator tutorial

Complete course on discounting cash flows using a financial calculator for note buyers and note brokers.
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Financial Calculator 5 function (Time Value of Money)

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Annual Percentage Rate calculator (APR)

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Payment calculator and Amortization Schedule

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Days between 2 dates 

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Mortgage Refinance Calculator

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Compound interest calculator allowing for different compounding periods, income tax and inflation.

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 More Calculators
Convertible Balloon Mortgage Calculator
Biweekly Mortgage Payment Calculator
Mortgage Pre-Payment Calculator
Mortgage Payment Tables
Mortgage Affordability Calculator
Loan Qualification Calculator
Annuity Calculator
Nominal Interest Calculator
Retirement Payout Calculator
Ira Withdrawal Calculator
Millionaire Calculator
Retirement Income Calculator
Auto Lease Calculator
Tuition Savings Calculator

While these calculators are intended to be accurate, we accept no liability for any losses caused by wrong calculations.
Also see our FREE downloadable spreadsheets.

Choose the financial calculator tutorial you want below.

  1. Computing the number of payments left on a loan
  2. Purchase of a mortgage at a discount
  3. Figuring the interest rate when you know the price offered on a loan you own and the number of payments left on a loan.
  4. Figuring the payments on a loan.
  5. Principal balance left on a loan. Balloon loans
  6. Figuring the original principal balance of a mortgage
Mortgage Private mortgages seller financing owner financing sell a mortgage

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