MORTGAGE
What is
a mortgage?
A
mortgage is a security for an outstanding debt. It
is similar to a retainer but the key difference
being that only property can be mortgaged and the
mortgaged property remains in the possession of the
borrower of capital, who is also the giver of the
mortgage.
The
borrower of capital gives the lender an interest
(mortgage) in property of which he (borrower) is the
owner, as a means of ‘insurance’. This insurance
means that the lender of the capital can rightfully
claim (become the owner of) the mortgaged property
if the borrower does not adhere to or fails to
fulfill the terms of the mortgage. It is important
to note that the mortgage itself is not a debt, it
is simply a security given by the debtor to his
creditor.
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Mortgages
The appeal of a mortgage to the
lender as a means of security
for their issued loan lies in
the legal precedence a mortgage
gives them over other potential
creditors of the borrower of the
loan.
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Should the borrower fail
to comply with the terms set
forth by the lender of the loan
or fails to repay the loan then
the lender has the right to
foreclose the mortgaged
property. This means that the
lender then gains full ownership
and possession of the property
and can then sell it to cover
the loan that he gave to the
borrower.
Legal precedence of the lender
comes into play when the
borrower has other creditors
which are trying to lay claim to
the his assets, as is the case
during a bankruptcy. The
creditors cannot claim the
mortgaged property until the
owner of the mortgage has used
it to cover his loan that he
gave to the borrower.
The type of property which can
be mortgaged varies from country
to country and the jurisdictions
governing them, but the most
common and widely used type of
property mortgaged is real
estate.
Mortgages on real estate are
used by private persons and
companies to finance the
acquisition of real estate. In
other words, instead of paying
the full amount for the purchase
of real estate, individuals and
companies use a third party,
usually a bank, to take out a
loan for the purchase of said
property on the condition that
they then mortgage the property
to the bank.
The borrower of the loan, as is
natural for most loans, has to
pay interest for this loan. The
effective rate of interest is
determined by the annual
percentage rate (APR), which is
a yearly rate determined by a
central government institution,
plus the lender’s own charges.
Due to the competitive nature of
the mortgage markets, the
effective interest rate is
usually not much
higher than the APR.
If you are considering using a
mortgage to finance the purchase
of property then make sure you
do the necessary research
beforehand, as different banks
and institutions all have
varying terms and extra products
that form a part of your
mortgage loan.
Mortgage,
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Refinancing is when you
apply for a secured loan
in order to pay off
another different loan
secured against the same
assets, property etc. If
this original loan had a
fixed interest rate
mortgage which has now
declined considerably,
then you would like to
avail of a new loan at a
more favorable interest
rate.
Typically home
refinancing is done when
you have a mortgage on
your home and apply for
a second loan to pay off
the first one. Imagine a
scenario where you can
have access to extra
cash, while
simultaneously lowering
your monthly mortgage
payment. This dream can
become a reality through
mortgage refinancing.
Likewise, your mortgage
payment may be the
largest expense you'll
have in your monthly
budget. Wouldn't it be
great to use this asset
to reduce your monthly
payment and put extra
cash in your pocket?
When you refinance your
mortgage, you can take
advantage of the equity
in your home and enable
this to take place.
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Subjects keywords:
Mortgages, Property mortgage,
Real estate mortgage, Loans,
Effective rate loans, Mortgage
bank. All information about
Mortgages.
MORTGAGE
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