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Obtaining a mortgage loan means dealing with a lot of paperwork, from the documents you have to submit to documents you have to read and sign. More often than not, you're dealing with terms and ...
For example, Alice acquires a 3-acre (12,000 m 2) lot by mortgage then splits up the lot into three 1-acre (4,000 m 2) lots (X, Y, and Z), and sells lot Y to Bob, and then lot Z to Charlie, retaining lot X for herself. Upon default, the mortgagee proceeds against lot X first, the mortgagor.
A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)". Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants, or an investment portfolio).
A mortgage loan is a very common type of loan, used by many individuals to purchase residential or commercial property. The lender, usually a financial institution, is given security – a lien on the title to the property – until the mortgage is paid off in full.
The Federal National Mortgage Association (FNMA), colloquially known as Fannie Mae, is a Congressionally-chartered enterprise that acts as a major player in the mortgage industry.
Cons of a blanket mortgage. More expensive closing costs: While you only have to pay closing costs once, a blanket mortgage’s closing costs are often higher than a single mortgage’s closing costs.
Adverse credit mortgage – mortgages aimed at borrowers with credit problems, e.g. county court judgements. Self-certified mortgage – a mortgage where the lender does not seek proof of income to demonstrate affordability, but instead relies on a statement of earnings as "certified" by the borrower(s).
If you still have a traditional mortgage, you can use a reverse mortgage to pay it off, eliminating your monthly mortgage payments. ... For example, a $100,000 reverse mortgage at 7.5% could grow ...