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| What 's Mortgage ? |
Region Mortgage - A mortgage is a way to use one's real property, like land, a house, or a building, as a guarantee for a loan to get money. Many people do this to buy the home they use for mortgage: the loan provides them the money to buy the house and the loan is guaranteed by the house.
In a mortgage, there is a debtor and a creditor. The debtor is the owner of the property, while the creditor is the owner of the loan. When the mortgage transaction is made, the debtor gets the money with the loan, and promises to pay the loan. The creditor will receive money back with interest over time (usually in payments made each month by the debtor). If the debtor does not pay the loan, the creditor may take the mortgaged property in place of the loan. This is called foreclosure.
In the 2008 American economic failure, creditors lent money to debtors who could not pay back that money. This lowered housing prices and hurt the economy.
In a mortgage, there is a debtor and a creditor. The debtor is the owner of the property, while the creditor is the owner of the loan. When the mortgage transaction is made, the debtor gets the money with the loan, and promises to pay the loan. The creditor will receive money back with interest over time (usually in payments made each month by the debtor). If the debtor does not pay the loan, the creditor may take the mortgaged property in place of the loan. This is called foreclosure.
In the 2008 American economic failure, creditors lent money to debtors who could not pay back that money. This lowered housing prices and hurt the economy.
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| Vollmar |
According to Vollmar Mortgage mean a material rights over movables does not intend to provide individuals who are eligible ( mortgage holders ) favors something of an object , but he intends to give a mere guarantee for the repayment of a debt by over precedence.
And papers from several sources mentioned that Mortgage is a material right on an object that is not moving , aiming to take the repayment of a debt of ( sales revenue ) it . While the Mortgage object is land , buildings and ships measuring 20 m3 gross tonnage and above. The properties of mortgages were four that accessoir , can not be divided , and more precedence zaaksgevolg fulfillment of other receivables ( paper version ).
So DEFINITION of ' Mortgage '
A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on property." If the borrower stops paying the mortgage, the bank can foreclose.
A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on property." If the borrower stops paying the mortgage, the bank can foreclose.
Source by Wikipedia,Investopedia and Papers
Edited by Regions Mortgage
Edited by Regions Mortgage
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