• Home Equity Loan   • Home Refinance Loan   • Home Purchase Loan   • Second Mortgage Loan   • Debt Consolidation Loan
Home Equity Loan Store «Lowest interest rates on home equity loans, debt consolidation loans, and mortgage refinance loans with free quotes from multiple lenders»


 

Understanding Mortgage

A mortgage is defined as a way in which property or jewelry is used as a security against the debt. The loan that is taken against mortgage is termed as ‘mortgage loan’. This loan is taken in many countries mainly for the purpose of purchasing home or for wedding in the family.

Mortgage can be taken from banks or money lenders in many countries. People involved in mortgage include-creditor, debtor and at times a legal representative. The term creditor can also be used synonymously with lender. Money lenders, insurers, banks or financial institutions are creditors who provide the money to the person in exchange of property or jewelry.       

A borrower is also known as debtor, obligor or mortgagor. A debtor gets the amount equal to the value of the mortgaged article. A mortgagor is required to abide by all the obligations or conditions of creditors. Or, else there are chances that as a way of recovering debt, the property may be taken away by the creditors. There are various properties as a result of foreclosure. These properties are available for reasonable costs for the other buyers.   

It is always that the legalities of mortgage are done under the supervision of a lawyer. All the conditions and the amount of money involved should be stated in written and signed by the creditors, debtors and lawyer present. It adds authenticity and removes any confusion if any.

Currently many Certified Financial Planners work in combination with Certified Mortgage Planners so as to provide mortgage loans to financially sound people.

In addition to creditors, debtors, legal representatives and government agencies, there is involvement of pension funds and life insurers. Terms involved in the legal process of mortgage loan are Disbursements, Mortgage Deed, Conveyance, Land Registration, Sealing Fee, Freehold, Leasehold, Seasoned mortgage and Legal Charge.

Freehold is defined as the land and property ownership. Disbursements include all the money involved as search fees, stamp duty and land registry. Legal Charge is a document that has all the minute details of the land or property owner. Conveyance is the document that transmits the possession of unregistered property. Sealing Fee is paid when the creditor discharges the charge over the land. Land Registration is also referred as title. This document contains the details of the ownership of land and property. Seasoned mortgage is linked with secondary market. In seasoned mortgage payment is made on regular basis. Mortgage Deed is a document that gives detail of possession of ownership.

Legal mortgage are of two kinds- Mortgage by legal charge and Mortgage by demise. There are essentially two types of legal mortgage. A lender becomes the legal owner of the mortgaged land till the money is paid in full. A lender is free to auction or sell the mortgaged property. While under Mortgage by legal charge, a lender can not sell the mortgaged land. He may possess the land legally but the right of selling and buying of the land lies with the debtor. Also, to provide safety to the lender, the details of mortgage are recorded in a register.

Author: This article is the property of LoanGuru.org and HomeEquityLoanStore.org – professional financial services with free quotes form multiple lenders: home equity loans, debt consolidation loans, mortgage refinance loans, and other types of loans for any individual’s financial needs.


Learn More about Home Loans:

• 6 Questions to Ask When Choosing a Home Equity Loan
• A Debt Consolidation Program To Relieve Debt
• Adjustable Rate Mortgages
• Advantages of a Home Equity Loan
• All about Mortgage Loan
• Anatomy of a Home Equity Loan
• Anatomy of a Mortgage
• Breaking Down Debt Consolidation
• Credit Card Debt Consolidation Loans
• Debt Consolidation
• Debt Consolidation Advantages
• Debt Consolidation Advice
• Debt Consolidation and its Advantages
• Debt Consolidation Benefits
• Debt Consolidation Benefits and Drawbacks
• Debt Consolidation Can Never Be a Mistake
• Debt Consolidation Companies
• Disadvantages of a Home Equity Loan
• Get Rid of All Your Loans with Debt Consolidation
• Home Equity Investments
• Home Equity Loan Is It an Advantage or a Disadvantage
• Home Equity Loans
• Home Equity Loans What Is It
• Home Equity Loans Explained
• Home Equity Loans for Bad Credit
• Home Equity Loans Have to be Carefully Sought
• How to Find the Right Mortgage
• Introduction to Mortgage
• Learn More about Mortgage Loans
• Loan Options for Your Mortgage
• Making the Perfect Judgment in Mortgage Refinancing
• Mortgage Details More Than Assurance
• Mortgage is a Very Harmless Loan
• Mortgage Refinance Calculator
• Mortgage Refinance Loans
• Mortgage Refinancing a Matter of Managing the Risk
• Procuring Home Equity Loans
• Repay Your Debts with Ease
• Something Special about Home Equity Loans
• There are Many Ways to Find Perfect Debt Consolidation Options
• There are Several Institutions Offering Mortgage Loans
• Tips on Home Equity Loans
• Types of Mortgages
• Understanding Debt Consolidation
• Understanding Mortgage
• Using the Equity in Your Home for Home Improvements
• What is Debt Consolidation
• While Opting for Home Equity Loans
    Lowest Rates Finder
 
Property State
Home Description
Select Your
Credit Profile
Type of Loan
    Home Loan - Free Quote
 

  Loans - Leases & Leasing - Personal Finance - Mortgage Refinance - Debt Consolidation - Debt Relief
© 2007 Home Equity Loan Store - Lowest Rates on Home Loans with Free Quotes from Multiple Lenders!