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What Is A Mortgage

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What is a mortgage? In a nutshell, a mortgage is a loan that enables you to cover the cost of a home.

A mortgage is a loan from a financial institution that lets you purchase a house without paying the entire amount upfront. A mortgage is secured by the home itself, so the bank can sell the home.

Mortgage insurance also is typically required on FHA and usda loans. mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. But, it increases the cost of your loan.

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Mortgage is to transport (a property) to a creditor as security on a loan OR the charging of real property by a debtor to a creditor as security for a debt, on the state that it shall be given back on payment of the debt within a specific amount of time.

A quick review of the many different types of mortgages and options available to home owners and new home buyers. Click or call 866-354-6789 for more.

For several years, reverse mortgages were marketed as the “best tool ever” for retirees to be able to tap into their homes’ equity while continuing to reside at home. To understand reverse mortgages,

Escrow in a mortgage begins when you sign the purchase agreement and ends when you finalize the sale. Escrow accounts, on the other hand, help you split the annual cost of taxes and insurance into manageable monthly installments. Find out more about escrow in mortgages here.

Mortgage insurance is an insurance policy designed to protect the mortgagee (lender) from any default by the mortgagor (borrower). It is used commonly in loans with a loan-to-value ratio over 80%, and employed in the event of foreclosure and repossession.

mortgage loan: A loan to finance the purchase of real estate, usually with specified payment periods and interest rates. The borrower (mortgagor) gives the lender (mortgagee) a lien on the property as collateral for the loan. The mortgagor’s lien on the property expires when the mortgage is paid off in full.