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Mortgage Loan
A mortgage loan is a loan cured by real property through the u of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which cures the loan However the word mortgage alone in everyday usage is most often ud to mean mortgage loan
The word mortgage is a Law French term meaning "death contract" meaning that the pledge ends dies when either the obligation is fulfilled or the property is taken through foreclosure[1]
A home buyer or builder can obtain financing a loan either to purcha or cure against the property from a financial institution such as a bank either directly or indirectly through intermediaries Features of mortgage loans such as the size of the loan maturity of the loan interest rate method of paying off the loan and other characteristics can vary considerably
In many jurisdictions though not all Bali Indonesia being one exception[2] it is normal for home purcha
s to be funded by a mortgage loan Few individuals have enough savings or liquid funds to enable them
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to purcha property outright In countries where the demand for home ownership is highest strong domestic markets have developed Mortgage loan basics
Basic concepts and legal regulation
According to Anglo-American property law a mortgage occurs when an owner usually of a fee simple interest in realty pledges his or her interest right to the property as curity or collateral for a loan Therefore a mortgage is an encumbrance limitation on the right to the property just as an eament would be but becau most mortgages occur as a condition for new loan money the word mortgage has become the generic term for a loan cured by such real property As with other types of loans mortgages have an interest rate and are scheduled to amortize over a t period of time typically 30 years All types of real property can be and usually are cured with a mortgage and bear an interest rate that is suppod to reflect the lenders risk
Mortgage lending is the primary mechanism ud in many countries to finance private ownership of residential and commercial property Although the terminology and preci forms will differ from count
ry to country the basic components tend to be similar
Property the physical residence being financed The exact form of ownership will vary from country to country and may restrict the types of lending that are possible
Mortgage the curity interest of the lender in the property which may entail restrictions on the u or disposal of the property Restrictions may include requirements to purcha home insurance and mortgage insurance or pay off outstanding debt before lling the property Borrower the person borrowing who either has or is creating an ownership interest in the property
Lender any lender but usually a bank or other financial institution Lenders may also be investors who own an interest in the mortgage through a mortgage-backed curity In such a situation the initial lender is known as the mortgage originator which then packages and lls the loan to investors The payments from the borrower are thereafter collected by a loan rvicer[3]
Principal the original size of the loan which may or may not include certain other costs as any principal is repaid the principal will go down in size
幸福树怎么扦插Interest a financial charge for u of the lenders money
Foreclosure or reposssion the possibility that the lender has to foreclo reposss or ize the property under certain circumstances is esntial to a mortgage loan without this aspect the loan is arguably no different from any other type of loan
Many other specific characteristics are common to many markets but the above are the esntial features Governments usually regulate many
特称命题aspects of mortgage lending either directly through legal requirements for example or indirectly through regulation of the participants or the financial markets such as the banking industry and often through state intervention direct lending by the government by state-owned banks or sponsorship of various entities Other aspects that define a specific mortgage market may be regional historical or driven by specific characteristics of the legal or financial system
Mortgage loans are generally structured as long-term loans the periodic payments for which are similar to an annuity and calculated according to the time value of money formulae The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years depending on local conditions Over this period the principal component of the loan the original loan would be slowly paid down through amortization In practice many variants are possible and common worldwide and within each country
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Lenders provide funds against property to earn interest income and generally borrow the funds themlves for example by taking deposits or issuing bonds The price at which the lenders borrow money therefore affects the cost of borrowing Lenders may also in many countries ll the mortgage loan to other parties who are interested in receiving the stream of cash payments from the borrower often in the form of a curity by means of a curitization
Mortgage lending will also take into account the perceived riskiness of the mortgage loan that is the likelihood that the funds will be repaid usually considered a function of the creditworthiness of the borrower that if they are not repaid the lender will be able to foreclo and recoup some or all of its original capital and the financial interest rate risk and time delays that may be involved in certain circumstances Mortgage loan types
There are many types of mortgages ud worldwide but veral factors broadly define the characteristics of the mortgage All of the may be subject to local regulation and legal requirements
Interest interest may be fixed for the life of the loan or variable and change at certain pre-defined periods the interest rate can also of cour be higher or lower
Term mortgage loans generally have a imum term that is the number of years after which an amortizi
ng loan will be repaid Some mortgage loans may have no amortization or require full repayment of any remaining balance at a certain date or even negative amortization
Payment amount and frequency the amount paid per period and the frequency of payments in some cas the amount paid per period may change or the borrower may have the option to increa or decrea the amount paid
沙漠故事Prepayment some types of mortgages may limit or restrict prepayment
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