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A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower. This comes from the Old French "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure. In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than on other property (such as ships) and in some jurisdictions only land may be mortgaged. A mortgage is the standard method by which individuals and businesses can purchase real estate without the need to pay the full value immediately from their own resources. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property. Participants and variant terminologyLegal systems in different countries, while having some concepts in common, employ different terminology. However, in general, a mortgage of property involves the following parties. From Wikipedia under the
GNU Free Documentation License What caused the home mortgage rates to sky rocket, causing people being unable to pay their monthly mortgages? Q. The recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high? Banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses. Big businesses then had to cut back on expenses and began to lay people off the the thousands. So what caused the mortgage rates to go up so high that started this financial mess in the first place? Asked by Christopher - Mon Oct 5 21:56:18 2009 - - 11 Answers - 0 Comments A. barney frank,chris dodd,ACORN,and all other democrats forcing banks to give loans to people who could never pay them back.. Answered by i love Ginger - Mon Oct 5 22:00:25 2009 How can unmarried people report home mortgage interest paid jointly? Q. I own a home in common with another person. We're not married. We're both named on the mortgage and we pay the mortgage out of a joint checking account, to which we both contribute and use for other various purposes. Can we split the mortgage interest deduction between us however we wish as long as we total up on our two returns to the total amount we jointly paid to the bank? Or must we use some kind of formula? How will the bank report this interest paid to the IRS? Asked by Thesmo - Wed Jan 6 16:38:56 2010 - - 3 Answers - 0 Comments A. You can split the total paid between your returns. You are supposed to split it by the proportion each of you actually paid. The bank will report it all under the ss# of the primary person on the loan. If you are splitting it, you should include an explanation with your returns. Answered by Judy - Wed Jan 6 16:45:49 2010 How could I work out my monthly mortgage payments if I only had a pen and paper?
Q. I know I could use a simple mortgage calculator, but I am curious to know how my mortgage payment is arrived at. Is it cumulative interest plus principal divided by years and months. Please could you supply a detailed example as I not too hot with maths. For example a 1000 mortgage at 5% over 25 years. Asked by fergl - Fri May 2 15:44:49 2008 - - 3 Answers - 0 Comments A. There is a formula for the monthly mortgage payment, M, in terms of the monthly interest rate, i, the loan amount, P, and the number of months in the repayment period, n. The formula is M = i*P * (1+i)^n / ((1+i)^n - 1) It will probably be less confusing with a concrete example. Take, for example, your suggestion of a 100,000 mortgage at 5% interest for 25 years. That gives a monthly interest rate (i) of .05/12 = 00416667 and a repayment period (n) of 300 months. The first thing to do is calculate 1.00416667 raised to the 300th power. (You will find this MUCH easier using a calculator, but you could also do it with pen and paper.) I get 1.00416667 ^ 300 = 3.48129 Plugging this result and the other numbers into the formula, you… [cont.] Answered by zygote222 - Fri May 2 17:18:40 2008 From Yahoo Answer Search: "Mortgage"  news.google.com KFOX El Paso EL PASO, Texas -- An arrest warrant is issued for the owner of a local mortgage company after allegedly defrauding two women on their payments. ... news.google.com Washington Post lending declines: The consolidation means thrifts are handing out fewer mortgage loans. New mortgage loans fell by 37 percent in 2009. 2010 AP. and more » news.google.com Wall Street Journal LONDON (Dow Jones)--Bank of England Governor Mervyn King said Tuesday he firmly believes that a viable market in residential mortgage -backed securities can ... From Google News Search: "Mortgage"  reversesecure.com 736px x 720px | 45.80kB [source page]  reversemortgagedaily.files.wordpress.com 480px x 571px | 144.90kB [source page] I came across an article from Business Week titled Pumping Up Your Reverse Mortgage that talked about how one homeowner utilized her $1 2 million dollar home In this situation the homeowner used Financial Freedom to help her with her  activerain.com 533px x 800px | 63.50kB [source page] ~ Use it to make your retirement years the very best of your life ~ How can I use my reverse mortgage money You can use the money you obtain from a reverse mortgage to do any number of things Some ideas on how you may use your reverse mortgage money From Yahoo Image Search: "Mortgage"  jackandjillpolitics.com Kamala Harris Fri, 26 Feb 2010 23:16:14 GM And so, when the . mortgage. market collapsed, African-American homeownership went with it. Between 2004 and 2007 the beginning of the . mortgage. meltdown rates of African-American homeownership declined faster than for any other group. ...  fixedrate.tahomafoodsystem.org admin Fri, 26 Feb 2010 23:30:26 GM A . mortgage. is absolutely like a specialized affectionate of accommodation that gets issued to individuals that authorize to acquirement themselves a home.  calculatedriskblog.com CalculatedRisk Fri, 26 Feb 2010 00:48:00 GM Earlier I discussed the possible impact of the end of the Fed's MBS (. Mortgage. Backed Securities) purchases on . mortgage. rates: Fed MBS Purchases and the Impact on . Mortgage. Rates. My estimate is that the spread between the Freddie Mac 30 ... From Google Blog Search: "Mortgage" |
