Mortgage and Refinancing Information Channel:

We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.

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

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

RELATED MORTGAGE AND REFINANCING ARTICLES: Refinance Your House If you have seen all the advertisements regarding refinancing your house you may be wondering if refinancing can actually save you money. The answer is yes! Interest rates are at the lowest levels in decades and there has never been a better time to refinance your home. Shopping for a Mortgage, Avoid Three Common Mistakes Buying a home or refinancing one is perhaps the largest financial transaction you will ever make in your life, so you want to be sure to avoid any mistakes that may cost you in the long run. When you are deciding on a mortgage, you certainly don't want to make your decision by flipping a coin. Gearing Up for Bad Credit Mortgages Mortgage would have never happened, had mortgages been a no profit venture for the mortgagees or the mortgage providers. The lender receives much more than he had actually lent. Mortgage-Refinance Loan Measurement 101 -- Evaluate Your Own Ability to Pay We live in a society where people are losing their homes at an alarmingly high rate. There are several reasons for this, but one could certainly be avoided -- buying a house that creates a loan that is too large for you to handle. First Time Home Buyer Loans Made Easy When it comes to first time home buyer loans, a little research can save you thousands of dollars over the life of your mortgage. A wise consumer selects a mortgage lender prior to shopping for a home. Home Loans and Mortgages - The Selection Can Be Bewildering For years, when someone wanted to purchase or refinance a home, the choices were simple. The buyer chose either a 15-year fixed-rate mortgage or a 30 year fixed-rate mortgage. Refinancing Your Mortgage Can Open Up A Lot Of Options For You And Your Family It can happen to anyone, the roof is leaking, the credit card bills are pilling up and it is almost time for a new car. But where are you going to get the money to do all of these things? The need for extra cash can be very frustrating and worrisome, however if you are a home owner you have a variety of financial options available to you that you may not even be aware of. Bad Credit? Qualify Yourself For A Zero Down Mortgage Loan I decided to write this article today after closing a home purchase loan for a couple that had some major credit issues. They got into the house with ZERO down payment, and only had to bring $600 for the closing costs. FHA Mortgage: When Your down payment is a Gift There has been so much fraud discovered in the FHA program allowing gift funds for down payment that Lenders and borrowers are required to absolutely document every step of the gift transaction to prove it was legitimate. Here's how it works: FHA allows the required down payment to be a gift from someone who would logically be concerned about housing for the borrower. Mortgage Info You Can Actually Understand! This is a great time to Refinance Your Home or Buy a New Home -- the Mortgage Rates are so low, these days! It's always worth a shot to find out what the costs of switching over to a new mortgage would be, to see if that's the right move for you. Whether you are building your own house, buying a new property, gathering funds to do a renovation project, or Refinancing your current Mortgage at a much Lower Rate, you'll be looking for Funding -- Money, Money & More Money! Here are some commonly asked questions regarding funding for a Mortgage or a Home Improvement Loan. Interest Only Home Loan - Is It Right For You? There are many benefits to interest-only mortgage loans. There are many situations where an interest-only mortgage loan could be best for you. Home Equity Loans Company - 7 Key Questions to Help You Choose One Choosing the right home equity loan can be tricky; you have to consider interest rates and repayment schedules, among others. Choosing the right lender, however, does not have to be a difficult task. Remortgage To Release Equity By Improving Interest Rate You have been paying on your mortgage for quite sometime and you think that your money serves no purpose except paying for your loan. This you already know. Renters Have Much to Gain by Pursuing Home Ownership Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. Buying a Home With Poor Credit Is Easier Than Ever Buying a home with poor credit is easier than ever with online mortgage brokers. You can easily find sub prime lenders, compare rates and terms, and complete the process on your schedule, not the banks. The Right Home Loan - Floating or Fixed Rate Loan Choosing a home loan has never been tougher. Yes, with all these cheap interest rates floating around, you as a customer are faced with a happy predicament. Mortgage After Bankruptcy Most people probably assume that obtaining a mortgage to purchase a home, refinance or to consolidate debt after a bankruptcy is out of the question. In fact, many people are able to obtain these mortgage services, even 1 day after a bankruptcy discharge in some cases. UK Mortages: A Guide Through The Maze Types of UK Mortgages you may be wasting your money with the wrong type of mortgage. Knowledge is power. 10 Questions To Ask Your Mortgage Rep or Bank This post is a must read for anyone considering purchasing a home be it today, tomorrow or next year. It is sound advice. Bridging Loan Basics A Bridging Loan is a short-term loan used as a way to provide funding for the purchase of a new property while the borrower awaits the sale of an existing property. Unless all the stars are in perfect alignment, it's tricky to coordinate the sale of one property and the purchase of another property in such a way that the transactions occur simultaneously.

HOME | SITE MAP © 2012 - 2022 All Rights Reserved Increase pagerank with HitsSurfer