2007-06-14 09:42:20 · 10 answers · asked by Butterfly 1 in Business & Finance ➔ Renting & Real Estate
A mortgage is a loan that's made to you that is secured by the property for which you are buying. If you fail to pay the mortgage as agreed, the lender can foreclose on the property. This means that you would lose title and control and right to the property, forfeiting it to the lender. You would also lose any money that you had paid so far to the lender. You'd have nothing. This is why it's really important to make mortgage payments on time.
In the United States, mortgage interest is one of the few types of interests that is still tax-deductible.
2007-06-14 09:44:26 · answer #1 · answered by Scotty Doesnt Know 7 · 1⤊ 1⤋
Iceman is the only one even in the ballpark, really.
A mortgage is NOT a loan. A mortgage is a document that ties your collateral (a house) to a debt (your promissory NOTE).
You never "get" a mortgage. You get money in the form of a loan. In exchange, you GIVE the bank a mortgage, which is a recorded lien against your property. The mortgage document takes 15-20 pages to say just a few simple things:
1. If you don't repay your loan as agreed, the bank can foreclose and reclaim the collateral.
2. If you don't adequately maintain the property, again the bank can foreclose and reclaim the collateral.
3. If the bank does foreclose, it will spell out your rights and the procedures to be followed.
You're now more educated than 99% of the population. Unless you're in the industry, most people don't understand the distinction.
2007-06-14 16:59:36 · answer #2 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 1⤋
A mortgage is a loan so you can purchase a home. It is usually a large amount of money they loan you to purchase the house you are interested in. Then you you make payments to the loan company, which is your mortgage payment.
2007-06-14 16:47:41 · answer #3 · answered by giftbasketsbycortney 2 · 0⤊ 1⤋
a mortgage is money you pay towards the loan you took out to buy a house.
2007-06-14 16:45:01 · answer #4 · answered by QuestionWyrm 5 · 0⤊ 1⤋
Usually a 30 year loan with amortized interest that is used for the purchase of Real Estate.
2007-06-14 16:45:37 · answer #5 · answered by Anonymous · 0⤊ 1⤋
A loan for a house that uses the house as collateral.....
2007-06-14 16:46:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋
A loan for the purchase of real estate.
2007-06-14 16:44:47 · answer #7 · answered by Anonymous · 0⤊ 1⤋
A MORTGAGE IS LIKE RENT HOWEVER ITS WHAT HOME OWNERS HAVE TO PAY ISTEAD OF PEPLE WHO RENT AN APARTMENT.
2007-06-14 16:46:14 · answer #8 · answered by Anonymous · 0⤊ 1⤋
its a loan for a house
2007-06-14 16:45:28 · answer #9 · answered by GatorHunter® 4 · 0⤊ 1⤋
a kind of house payment
2007-06-14 16:44:42 · answer #10 · answered by Anonymous · 1⤊ 1⤋