"A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan."
The legal aspects of mortgage lending, including mortgage agreements and foreclosure proceedings.
Types of Mortgages: A detailed overview of the various types of mortgage loans, such as Fixed-Rate Mortgage (FRM), Adjustable-Rate Mortgage (ARM), Interest-Only Mortgage, Balloon Mortgages, and Reverse Mortgages.
Loan-to-Value Ratio: An analysis of the relationship between the amount of money borrowed to purchase a property and the property's total value, expressed as a percentage.
Credit Scores: Information and insights into the importance of credit scores, and how they affect mortgage and financing options.
Down Payments: A guide to how much of a down payment is required to obtain a mortgage.
Closing Costs: A breakdown of the expenses incurred by borrowers during the process of obtaining a mortgage, including origination fees, title insurance, appraisal fees, and other closing costs.
The Role of Appraisals: An explanation of how appraisals generate property valuations, and why they are necessary for mortgage and financing.
Mortgage Pre-approval: A description of the process involved in getting mortgage pre-approval, which provides an estimate of how much you can borrow.
Mortgages during Buying a Home: A step-by-step guide to the mortgage process, from the application to the closing.
Refinancing Mortgages: An overview of the steps involved in refinancing a mortgage loan so that the borrower can obtain a better interest rate or term.
Mortgage Insurance: A discussion of the different types of mortgage insurance options, including private mortgage insurance (PMI), FHA mortgage insurance, and VA mortgage insurance.
Home Equity Loans and Lines of Credit: An introduction to home equity loans and lines of credit as a method to borrow against equity or make improvements to the property.
Taxation: An explanation of how mortgage interest and points are tax-deductible, as well as how property taxes can affect monthly mortgage payments.
Loan Servicing: An overview of the role of loan servicing in the management and servicing of mortgage loans.
APR: An explanation of what Annual Percentage Rate (APR) is and how it differs from the interest rate, helping buyers understand the total cost of their loan.
Documentation Required: A list of the documents that one must compile, creating a package for processing the mortgage applications.
Fixed-rate mortgage: This type of mortgage has a fixed interest rate that does not change throughout the loan term, making monthly payments predictable and consistent.
Adjustable-rate mortgage (ARM): This type of mortgage has an interest rate that changes periodically based on market conditions, which means that monthly payments can fluctuate.
Interest-only mortgage: An interest-only mortgage allows you to make payments only toward the interest on the loan, rather than toward both the principal and interest. This type of mortgage often has lower monthly payments, but it does not make any progress toward paying off the principal of the loan.
Balloon mortgage: A balloon mortgage requires low monthly payments in the beginning, but the balance of the loan must be paid off in full after a specified time period, often five to seven years.
Reverse mortgage: A reverse mortgage is a type of mortgage available to homeowners aged 62 and older that allows them to convert home equity into cash without selling their home. The loan is repaid when the borrower moves out or dies.
FHA (Federal Housing Administration) loan: This type of mortgage is backed by the government and is designed to help lower-income and first-time buyers obtain financing.
VA (Veterans Affairs) loan: This type of mortgage is available to military veterans and active-duty servicemembers, allowing for easier financing and lower down payments.
USDA (United States Department of Agriculture) loan: This type of mortgage is designed for homebuyers in rural areas or areas with a population of less than 20,000.
Jumbo mortgage: A jumbo mortgage is a type of mortgage with loan amounts that exceed the conforming loan limits set by Fannie Mae and Freddie Mac.
Bridge loan: A bridge loan is a short-term loan used to bridge the gap between buying a new home and selling an existing home.
Hard money loan: A hard money loan is a type of loan that is typically used by real estate investors and is secured by the property being purchased.
Equity loan: An equity loan is a type of loan where a homeowner borrows against the equity in their home, using their home as collateral.
Line of credit: A line of credit is a type of financing that allows a borrower to draw funds as needed up to a maximum amount.
Seller financing: Seller financing is when the seller of a property helps finance the purchase by offering a loan to the buyer.
Lease-to-own: A lease-to-own agreement allows a tenant to rent a property for a period of time with the option to purchase the property at a later date.
"Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien."
"A mortgage in itself is not a debt, it is the lender's security for a debt."
"The mortgage is a security for the loan that the lender makes to the borrower."
"The word is a Law French term meaning 'dead pledge,' originally only referring to the Welsh mortgage, but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean 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."
"Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien."
"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."
"The pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure."
"In some jurisdictions only land may be mortgaged."
"See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property."
"It is the lender's security for a debt."
"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."
"The word is a Law French term meaning 'dead pledge.'"
"Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien."
"In most jurisdictions, mortgages are strongly associated with loans secured on real estate rather than on other property (such as ships)."
"See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property."
"A mortgage in itself is not a debt, it is the lender's security for a debt."
"The mortgage is a security for the loan that the lender makes to the borrower."