A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
The word mortgage is a French Law term meaning "death contract", meaning that the pledge ends (dies) when either the obligation is fulfilled or the property is taken through foreclosure.
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank or credit union, 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.
In many jurisdictions, though not all (Bali, Indonesia being one exception), 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.
Other articles related to "mortgage loan, mortgage, loans, loan, mortgages":
... Mortgage insurance is an insurance policy designed to protect the mortgagee (lender) from any default by the mortgagor (borrower) ... It is used commonly in loans with a loan-to-value ratio over 80%, and employed in the event of foreclosure and repossession ... or in one lump sum up front, or as a separate and itemized component of monthly mortgage payment ...
... A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures ... However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan ... The word mortgage is a French Law term meaning "death contract", meaning that the pledge ends (dies) when either the obligation is fulfilled or the property is taken through foreclosure ...
... According to Anglo-American property law, a mortgage occurs when an owner (usually of a fee simple interest in realty) pledges his or her interest (right to the property ... Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money ... As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time, typically 30 years ...
... Mortgage Licensing Act of 2008 "Secure and Fair Enforcement for Mortgage Licensing Act" (12 United States Code, Section 5100, et seq.), passed by Congress and signed by President G.W ... Bush in 2008, required all states to implement a Mortgage Loan Originator (hereafter "MLO") licensing and registration system by August 1, 2009 (August 1 ... federal standards, or they can participate in the Nationwide Mortgage Licensing System and Registry (hereafter "the Registry"), a service operated jointly by the ...
Famous quotes containing the words loan and/or mortgage:
“Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine own self be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.”
—William Shakespeare (15641616)
“The mortgage is still in our name but, increasingly, the house is theirs. One diaper, one vote.”
—Fred G. Gosman (20th century)