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Understanding Mortgage Basics
As common as mortgages are, there are a surprisingly large
number of us who are under false impressions about the way they
function, and what they actually are. For one thing, though we do
commonly call mortgages "home loans," this is not at all what
they actually are. In fact, mortgages aren't loans at all, nor
are they something that have been given to you by lenders. More
accurately, it is a security instrument that you have provided to
a lender. It is a document that protects your lender's interest
with your property itself.
A mortgage functions in the following way:
- A mortgager (you) - also referred to as a borrower (leading
to the false impression that it is a home loan) and the
mortgagee, who is also called the lender (again, falsely leading
you to think that a loan has been lent).
- The mortgage document itself produces a lien on your
property. This is the collateral - the security - for the
mortgagee who has provided the security instrument. This lien is
recorded within public records - likely at a county courthouse or
similar establishment.
- Ownership of the property is then yours and cannot be
transferred to anyone else until you have paid off the amount
required to reverse the lien.
- Even if your property is mortgaged, you still own the
property wholly and completely. Nobody else, not even the
mortgagee has title to the property.
- The only right that your mortgage gives to the mortgagee
over your property is to sell it to recover funds in the case
that you do not pay off your debt. This is the dreaded process
referred to as foreclosure.
- Should the mortgage be used for security, then the
foreclosure must progress through the court system in order to be
legal in the majority of circumstances. This type of foreclosure
is referred to as a judicial foreclosure.
Obviously there is much more to mortgages than this, but these
are the basic foundations upon which the mortgaging system has
been constructed.
Dave Gonzalez
http://www.lowest-rate-mortgage-finder.com/
 MORE RESOURCES updated Thu. February / 09 / 2012
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