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If you need money to consolidate debts or pay for a home improvement project, but you don't have personal savings or a credit card, a second mortgage can help. A second mortgage is a type of loan secured by your property. Applying for this type of loan creates a second lien on your home; to qualify, you need sufficient equity,... more »
Mortgages are special loans given out to pay for real estate property. Mortgages are obtained from financial institution, usually banks, and are meant to be repaid within a pre-established period of time. more »
There are several mortgage loan options available to home buyers. Some buyers choose fixed rate mortgages because they feature predictable payments. On the other hand, some home buyers need a mortgage loan that offers lower monthly payments. In this case, an interest only mortgage loan is useful. Payments are lower during the first 3... more »
Balloon mortgages are rarely the first choice to finance a home. However, in some circumstances they may be a good option for buyers. It is important for people to understand how balloon mortgages work in order to make an intelligent evaluation of the pros and cons. Some lenders like these loans while others refuse to offer this option. more »
There are a wide range of mortgages available that can serve any number of purposes, from providing long-range security to homeowners to allowing investors to turn over properties quickly and providing opportunities for those with low incomes. Special mortgages are available for veterans, first-time homebuyers and seniors over the age... more »
Very few people can afford to pay cash for a house. Learn what mortgage types are available, how...
Taking out a mortgage to buy a home or other piece of property is a major financial decision...
Whether you're searching for consumer or commercial bankruptcy information, we've got you...
Have you been looking at homes and thinking about taking out a mortgage? If so, check out...
A co-op can be attractive for those who don't make enough to get a traditional mortgage or for those who enjoy a closer sense of community with... more »
Can you ever have too many mortgages? Is there a limit to the number you can have? Here's what's involved in having more than one mortgage. more »
Obtaining a house by paying cash up front would put home ownership out of the reach of most Americans, so a loan is necessary. A specific kind of... more »
Buy to let mortgages were popularized in the nineties in Great Britain. The concept essentially allows investors the ability to purchase... more »
A mortgage is a loan which pledges or uses a home as security for the repayment of the debt to the lender. The mortgage remains in place until the... more »
An interest-only mortgage is a mortgage in which a homeowner only pays the interest on the monthly mortgage payment. The principal, the amount the... more »
Mortgages are calculated based on the amount of money you borrow to purchase your home, or the principle, the amount of interest you agree to pay... 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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