Mortgage

A mortgage is an interest or ownership (or transfer of interest) in property as collateral or security for debt. This is usually in exchange for money or a loan. Loans are commonly made to people buying residential or commercial property and the mortgage acts as the lender's security or assurance of repayment. People can leverage their buying power for property by borrowing and lenders earn interest usually measured by an annual percentage rate (APR). The mortgage is retired or the interest in the property surrendered to the lender when the loan is satisfied or paid in full. A mortgage note or instrument is often referred to as a deed or deed of trust.

Fast Facts

  • The word mortgage derives from the French and means 'dead pledge. The pledge or mortgage is dead when the loan is paid in full or the property is foreclosed upon.
  • According to Fannie Mae there are over 75 million active mortgages in the United States.

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  • Mortgage Debt Consolidation and Payoff

    Squeezed between high levels of unemployment and a weak economy on the one hand, and reduced (and in some case...
    • Site: debtsettlementlawyers.com
  • Buying Mortgage Notes

    Mortgage notes are loans, which are created when a home is sold. A home seller rather than a bank or lending i...
    • Site: realestatelawyers.com
    • 2 of 2 user(s) found this useful
  • 2nd Mortgages and Foreclosures

    The important aspects consumers should be aware of in regards to foreclosures and 2nd mortgages, common issues...
    • Site: foreclosurelawfirms.com
    • 1 of 1 user(s) found this useful
  • How a Mortgage Note Works

    A mortgage note is the agreement between a lender and the buyer of a home or property.  It contains the promis...
    • Site: realestatelawyers.com
  • If You Fall Behind on Your Mortgage

    Millions of Americans are faced with the same question nationwide.  What to do is they fall behind on their Mo...
    • Site: foreclosurelawfirms.com

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