What Is Morgage

A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve borrowed plus interest. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.

Definition of mortgage: A legal agreement that conveys the conditional right of ownership on an asset or property by its owner (the mortgagor) to a lender (the mortgagee) as security for a loan. The lender’s security.

A mortgage is what ties you to your house. It legally requires you to make payments on the loan the bank provides you to buy real estate. There are many legal and financial consequences of this process, such as the loan amount, interest rate, due date, and other terms specific to the loan that the mortgage note lays out.

A mortgage loan or, simply, mortgage (/ m r d /) is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.

Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the london interbank offered rate (libor). bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments.

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Canada Mortgage and Housing Corporation (CMHC) – The Corporation of the Federal Government that provides mortgage insurance to lenders against borrower default, under the national housing act (nha). Closed and Open Mortgages – A closed mortgage agreement does not provide options for payout before the maturity date.A lender may permit early payout of a closed mortgage under certain.

late 14c., morgage, "a conveyance of property on condition as security for a loan or agreement," from Old French morgage (13c.), mort gaige, literally "dead pledge" (replaced in modern French by hypothèque), from mort "dead" (see mortal (adj.)) + gage "pledge" (see wage (n.)). So called because the deal dies either when the debt is paid or.

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Use our free mortgage calculator to quickly estimate what your new home will cost. includes taxes, insurance, PMI and the latest mortgage rates.

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