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Whether you're financing your first home or your third investment property, it's important to obtain the right mortgage for your situation. Here is an easy-to-follow guide that will help you navigate the mortgage lending waters and stay afloat while getting the right mortgage for your needs! more »
Mortgage brokers are independent agents who find mortgage loans and lenders for their clients.They use their knowledge of market trends, rates and mortgage loan options to match borrowers with a lender and mortgage loan. more »
Obtaining information on your second mortgage is critical when refinancing, figuring taxes and rolling a home equity loan into a new loan. In each of these instances different information is necessary to complete the transaction. Second mortgages, also called home equity loans, are loans secured by the collateral or equity value of... more »
The mortgage margin is a critical component of your complete mortgage package, particularly if you have an adjustable rate mortgage (ARM). If you are thinking about taking on an adjustable rate mortgage, it is essential to understand how your lender will adjust your repayments over the course of the loan, which index it is linked to... more »
Streamline mortgages are refinances of existing, insured mortgages--usually through the Federal Housing Administration or the Veteran's Administration. The loans are "streamlined" with less paperwork and fewer procedures required to complete the refinancing. more »
Foreclosure is a fast-growing problem in the U.S., but a few late payments don't have to mean...
Have you been looking at homes and thinking about taking out a mortgage? If so, check out...
Having trouble making mortgage payments? You’re not alone. Millions of Americans are having...
Whether you are facing a bank foreclosure yourself or you are interested in purchasing homes...
When it comes down to obtaining a second mortgage on your home, it usually comes down to selecting one of two options: a home equity line of... more »
Mortgage Interest is the money you pay for the privilege of borrowing money to purchase a piece of real estate. The amount of mortgage interest... more »
People's lives are constantly changing. Whether it be due to a divorce, a bad breakup, someone moving out of state, a death in the family or a... more »
Many people have two mortgages on their homed. The first is the primary loan and is generally the one with the highest payment. The second... more »
If you have bad credit or missed some mortgage payments in the past, you probably think it's simply not possible for you to get a mortgage. But... more »
Homebuyers today are required to provide large amount of documentation and information prior to obtaining an approval for a mortgage from any... more »
A mortgage is a promise to pay on a note. The new name does not have to be on the note or the deed in some states. Some states require that the... more »
The mortgages on a piece of real estate carry a number: first mortgage, second mortgage and more. A first mortgage is called a first mortgage... more »
A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lenders security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
This comes from the Old French "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than on other property (such as ships) and in some jurisdictions only land may be mortgaged. A mortgage is the standard method by which individuals and businesses can purchase real estate without the need to pay the full value immediately from their own resources. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
Participants and variant terminology
Legal systems in different countries, while having some concepts in common, employ different terminology. However, in general, a mortgage of property involves the following parties.
Mortgage lender
A mortgage lender is an investor that lends money secured by a mortgage on real estate. Typically, the purpose of the loan is for the borrower to purchase that same real estate.
The borrower, known as the mortgagor, gives the mortgage to the lender, known as the mortgagee.
As the mortgagee, the lender has the right to sell the property to pay off the loan if the borrower fails to pay.
The mortgage runs with the land, so even if the borrower transfers the property to someone else, the read more at » http://en.wikipedia.org/wiki/Mortgage
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