Many people take out a mortgage loan from a bank or credit union to finance the purchase of their home or commercial property. A mortgage is defined as "the charging of real (or personal) property by a debtor to a creditor as security for a debt, on the condition that it shall be returned on payment of the debt within a certain period". This type of loan differs from other loans in that the lender can repossess or foreclose on the property if the debt is not paid according to the agreed-upon contract terms.
Authored by AH. Last updated 2015-01-07 09:54:02.
Variable rate mortgages do not have a fixed interest rate over the course of the loan. This page describes the pros and cons of variable rate mortgages.
With today's economy, many people have taken out or are currently contemplating taking out a second mortgage. Visitors can learn the differences between a home equity loan and a home equity line of credit.
A reverse mortgage is a special home loan that converts home equity into cash. Learn about when this type of mortgage is appropriate on this informative website.
Browse this reverse mortgage provider directory for information about reverse mortgage service providers in the United States of America. The illustration on this page depicts a dollar sign and a mirror image of the phrase REVERSE MORTGAGE.
A second mortgage, in the form of a home equity loan or home equity line of credit, may enable you to use your real estate equity for various purposes, including home improvement, college tuition, and debt consolidation.
Sitting atop a smattering of copper pennies, this attractive, white house with a gray roof and red shutters has financial equity that can be tapped by its owners.
The concept of a mortgaged home is illustrated by a dollar sign overlaid by a yellow house with a red chimney. As home values have declined in recent years, second mortgages have become less available to underwater homeowners.