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A mortgage is a device used to create a lien on real
estate by contract. The mortgage is an instrument that
the borrower called the mortgagor uses to pledge real
property to the called the mortgagee as security for
a debt, also called hypothecation.
The mortgage instrument
contains two parts:
the mortgage, which is
the pledge
the note, which is the actual evidence of the debt and
promise to repay |
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To protect the
lender, a mortgage is recorded in the public records creating
a lien (when there are multiple liens, order of recording
determines priority). Since mortgage debt is often the largest
debt owed by the debtor, banks and other mortgage lenders
run title searches of the real property to make certain that
the lien of the mortgage is prior to anyone else's claim.
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At
common law, a mortgage was a conveyance that on
its face was absolute and conveyed a fee simple
estate, but which was in fact conditional, and would
be of no effect if certain conditions were met usually,
but not necessarily, the payment of a debt by the
original landowner. Hence the word "mortgage,"
Law French for "dead pledge;" that is,
it was absolute in form and in theory required no
further steps to be taken by the creditor.
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Mortgage
loan types
There are many types of mortgage loans. The two
basic types of amortized loans are the fixed rate
mortgage (FRM) and adjustable rate mortgage (ARM).
Fixed rate mortgage
the interest rate, and hence monthly payment, remains
fixed for the life (or term) of the loan. In the
US, the term is usually for 10, 15, 20, or 30 years.
In the UK the fixed term can be as short as five
years, after which the loan reverts to a variable
rate.
Adjustable rate mortgage,
the interest rate is fixed for a period of time,
after which it will periodically annually or monthly
adjust up or down to some market index. Adjustable
rates transfer part of the interest rate risk from
the lender to the borrower, and thus are widely
used where unpredictable interest rates make fixed
rate loans difficult to obtain. Since the risk is
transferred, lenders will usually make the initial
interest rate of the Adjustable rate mortgage's
note anywhere from 0.5% to 2% lower than the average
30-year fixed rate.
In most scenarios,
the savings from an Adjustable rate mortgage outweigh
its risks, making them an attractive option for
people who are planning to keep a mortgage for ten
years or less.
A partial amortization
or balloon loan is one where the amount of monthly
payments due are calculated (amortized) over a certain
term, but the outstanding principal balance is due
at some point short of that term. A balloon loan
can be either a Fixed or Adjustable in terms of
the Interest Rate. Many Second Trust mortgages use
this feature. The most common way of describing
a balloon loan uses the terminology X due in Y,
where X is the number of years over which the loan
is amortized, and Y is the year in which the principal
balance is due.
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