A mortgage loan or, simply, mortgage () is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants, or an investment portfolio). The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender's rights over the secured property take priority over the borrower's other creditors, which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first.
In many jurisdictions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed. Mortgages can either be funded through the banking sector (that is, through short-term deposits) or through the capital markets through a process called "securitization", which converts pools of mortgages into fungible bonds that can be sold to investors in small denominations.
List of Pinterest Mortgage images & Mortgage pictures
List of all Pinterest Mortgage images and pictures. Browse Pinterest Mortgage ideas
[New] The 72 Best Home Decor Ideas Today (with Pictures) Rustic - My Ring doorbell purchase has been a must! Ill never miss a delivery again! #homeowner#taylorwimpley#crofton#croftong#mortgage#firsttimebuyer#househappy#homedecor#newbuild#ringdoorbell
Mortgage delays can cause your soon to be home to not be your home. Making sure that you’re prepared for the mortgage loan journey is the best way to help keep delays at bay. Read our tips and tricks to avoid additional delays for your mortgage.
Discover how much house you can afford according to Dave Ramsey and see his other important rules of thumb for managing your finances.
Useful financial rules of thumb from Dave Ramsey. CLICK THROUGH to learn more budget tips | budget for beginners | how to budget your money | living on a budget | budget ideas | debt free | debt snowball | debt payoff strategies | get out of debt fast | #money #personalfinance #daveramsey #moneymanagement #budgeting #debt #savingmoney
With all the recent mortgage changes, what is your real buying power? It’s so important to meet with a mortgage broker so you know exactly what you can afford. I have amazing mortgage partners to help you. Give me a call to find out what the home buying and selling process is. 416.737.6999 AlyshaMcLean.com #alyshamclean #alyshamcleanteam #homebuyingtips #buyingrealestate #realestate #markhamrealestate #markham #markhamrealtor #torontoproperties #toronto #torontorealestate #mortgage #financing #
3 Things Mortgage Lenders Will Hate About Your Credit Report
Are you in the market for a mortgage loan? If so make sure, your credit report is clean and free of errors. Read on to find out what mortgage lenders hate to see on your credit report. free credit report, how to raise your credit score, how to get a free credit report. #creditreport #mortgageloan, #finance #financialplanning
Homebuyer Tips When Applying For A Mortgage So You Get The Best Deal
Applying for a mortgage loan can get confusing. Homebuyers should get familiar with these there lender documents on their journey to homeownership. Be sure to shop around for the best rate use financial discipline during the process of getting a home loan. #homebuying #homebuyer #mortgage #realestate
How to Easily Save $5000 (52-week money challenge)
Need a little help to save money? Try this free savings plan printable, to help you save $5,000 in a 52-week money saving challenge! It can help you to build an emergency fund, pay your mortgage, faster, save for retirement or for your next amazing holiday! The easiest saving planner you will ever need! #broke #savemoney #debt #savingmoney #frugal #finance #money
How To Pay Off Your Mortgage Early And Why You Should
Decided to Payoff your Mortgage Early? CONGRATS!! You're on an important path to true Freedom and Financial Independence. Read on for Tips on the 11 things we did consistently to payoff our mortgage early and WHY you should too!#MortgageFree #PayoffMortgage #Mortgage #DebtFree #Money #FinancialIndependence via @TheHumblePenny