Does a borrower receive cash money when s/he loans a mortgage?
firstquality72 asked:
I am confused a little bit about mortgage. Just say i wanna buy a house, then i’ll go to a bank to loan money to buy that house. That’s called a mortgage, right? But, what i don’t know is whether i will receive cash money from the bank or not? Or the loan for mortgage just shows, OK from now on, i will have a loan with some certain amount of dollars with the bank without i need to have the cash money in my hand. The cash money is the business between the bank and the house’s owner such as the realtor. So, can anyone tell me does the mortgage work like that? Thanks.
KIRBY
I am confused a little bit about mortgage. Just say i wanna buy a house, then i’ll go to a bank to loan money to buy that house. That’s called a mortgage, right? But, what i don’t know is whether i will receive cash money from the bank or not? Or the loan for mortgage just shows, OK from now on, i will have a loan with some certain amount of dollars with the bank without i need to have the cash money in my hand. The cash money is the business between the bank and the house’s owner such as the realtor. So, can anyone tell me does the mortgage work like that? Thanks.
KIRBY
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