Have you ever wondered what the difference is between an attorney and a mortgage in business? If so, you’re not alone! These two types of legal professionals seem to be complete opposites, yet their respective work gives them something in common: they both serve as lenders for big financial transactions and transactions. While you might think that an attorney has nothing to do with mortgages, you’d be surprised to find out that they share more in common than you may realize!
An Attorney Loans you Money, a Mortgage Gives it to You
If you are looking for funding, then you might want to consider getting a lawyer to loan you the money. An attorney will take out credit on their own behalf to provide you with financial backing. A Mortgage is different because they will use their money, which has been saved up over time, to fund your project.
An Attorney Works on Paperwork, while Mortgages Work on Deals
An attorney is necessary if you’re doing any type of paperwork, such as drawing up contracts or drafting wills. This person will also be able to help you with legal advice, should you need it. A lawyer can also help create more complicated things like incorporation papers for your company. Mortgages are those people who will actually do deals for you.
An Attorney Hires People, while Mortgages Employ Them
An Attorney is like a credit card. They can’t do much on their own, but they have the power to hire people to help them. An Attorney hires people, while mortgages employ them. Mortgages are like lawyers: they work for themselves, but will hire other lawyers if need be. Lawyers don’t need to be licensed or accredited by any governing body to do their job; lawyers know what they’re doing because it’s just one of many things that they’ve done.
An Attorney only gets paid at Closing, while Mortgages get Paid every month
An Attorney gets paid at Closing, while Mortgages get Paid every month. An Attorney will typically charge around $2,000 to handle your closing documents. A Mortgage is typically for larger amounts of money, so you would have to pay them more up front. This is because they are making monthly payments until the loan has been fully paid off.
An Attorneys primary goal is protecting their client, while Mortgages primary goal is making more money for their clients.
Credit is not always something that is discussed with your lawyer. However, credit can be just as important to your business as it is for personal finances. An Attorney will primarily look at protecting their client while Mortgages primary goal is making more money for their clients. These two professionals have different goals and you should be aware of the issues that are important to both.