A mortgage is a legal document that allows the lender to repossess the property if the borrower defaults or violates the loan agreement.
Definition:A mortgage is loan where the lender is protected from default by the borrower’s collateral identified in the mortgage agreement. In other words, it’s a loan where the lender has the right to force a sale of the collateral and collect the proceeds if the borrower is unable to ...
What is a mortgage? A mortgage is a loan used to buy a house. Mortgages are available with a variety of terms — the length of time to repay the loan — but they usually range between eight and 30 years. You repay your mortgage in monthly installments, which typically include both inter...
What is a mortgage? AMortgageis a loan that individuals and businesses use to raise money to purchase a property, such as a house, apartment, or office building. The vast majority of people need to take out a loan when they purchase their first home. We also call it amortgage loan. Pe...
Shopping for a mortgage is much more complicated than it used to be. This is because the expanded number of options mean you are likely to get a lower interest rate if you shop around. Buying a home is likely the biggest financial transaction in one’s life, yet 77 percent of homebuyers...
A mortgage is a type of secured loan that you as a borrower agree to take on to buy or refinance a home Your home is the security (collateral) for the mortgage. When you take out a mortgage, the lender takes a lien on your home Qualifying for a mortgage is based on eligibility cri...
Yet the French use a different word for mortgage (they say hypothèque) Go figure, right… Let’s start with the ultra basic: “What is a mortgage?” Over here at The Truth About Mortgage, this is always the word of the day, as you might have guessed. Fortunately, the definition of...
For most Canadians, buying a home is the single biggest purchase they will ever make. And while the excitement and anticipation of finding your dream home can be exhilarating, those feelings can sometimes give way to stress and confusion when it comes time to apply for a mortgage. Whether you...
Until a mortgage is paid in full, a lender has a claim that is secured by the mortgage. The standard cure for a lender in the case of default is foreclosure. When a property goes into foreclosure in the US, it is usually handled in one of two ways: judicial sale or power of sale...
What Is a Mortgage? A mortgage is a loan used to purchase or maintain a home, plot of land, or other real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments divided intoprincipalandinterest. The property then serves ascollateralto secure the...