2006-11-08 04:12:04 · 14 answers · asked by jeff 1 in Business & Finance ➔ Personal Finance
It's the loan you get to purchase real estate. It is recorded with the county so that they know who gets paid if you default. You make payments to yoru lender each month. After 30 years, you own it. Fun, eh?
2006-11-08 04:14:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It is a loan used to purchase real estate. It becomes a lein against the property because it is recorded at the local court house. You pay interest and principle over a number of years until the mortgage is paid off or you sell the property. If the property is sold the mortage is paid off and you get the difference.
2006-11-08 15:11:39 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋
Theres all sorts of diff mortgages out there. The "first" mortgage is the initial loan you take out on your house. Just like an auto loan. Except with mortgages you sign a lot more paperwork and its with a notary. They dont have to be 30 years. You can do an adjustable rate mortgage (ARM), a fixed mortgage (usually anywhere from 10 - 40 years), an interest only mortgage (but I dont like those) and you can also do "term busters". Those are more for someone who's almost paid theirs off but wants to re-fi and pay it off quicker. You can take seconds, thirds, even fourths out against your home. You are just borrowing against the equity you've built up. So if you're house is worth 500k, and you already owe 300k, you'd be able to borrow up to 200k against your house. Its tricky stuff at first but then after doing it awhile and doing research... easy stuff! Hope that helps give you some diff ideas!
2006-11-08 12:24:12 · answer #3 · answered by socalgrrrl05 3 · 0⤊ 0⤋
No such thing as a mortage. A mortgage is a loan that is secured against real estate.
2006-11-08 19:14:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I don't know what a "mortage" is.
But a "mortgage" is the loan/payment used to pay for a house that you purchase.
2006-11-08 12:16:56 · answer #5 · answered by chocolate-drop 5 · 0⤊ 0⤋
Mortage is a security undertaking against your Loan amount. It can be in shape of gold, property and valueable dacuments.
2006-11-08 12:31:06 · answer #6 · answered by plsoni1955 1 · 0⤊ 0⤋
It's mortgage not mortage..well yeah... the people above are right...
2006-11-08 12:17:35 · answer #7 · answered by comfortably numb 3 · 0⤊ 0⤋
A mortgage is a loan you take out to buy property. Most banks and building societies offer mortgages, as well as specialist mortgage lending companies. If you change lenders but don’t move home it’s referred to as a ‘remortgage’.
2006-11-08 12:24:22 · answer #8 · answered by ritu 2 · 0⤊ 0⤋
If a person takes loan by giving security of his house then that house is under mortgage.It is a kind of pledge you can not back out.
2006-11-08 12:45:47 · answer #9 · answered by suchsi 5 · 0⤊ 0⤋
mortgage: The pledge of a property to the lender as security for payment of a debt.
2006-11-08 12:24:01 · answer #10 · answered by sushobhan 6 · 0⤊ 0⤋