Mortgage is an old English term derived from two French words "mort" and "gage" meaning "dead pledge". It is a long term loan through a bank or other financial institution, or even through the seller of the property. The two basic types of mortgage are as following:
- Interest only mortgage
- Repayment mortgage
Features of mortgage are as following:
- It is a legal document in which the owner pledges his/her/its title to real property to a lender as security for a loan.
- Here the house and/or property serve as collateral for the loan
- There are two people involved in a mortgage -
- Borrower
- Lender
- Mortgages run from to 30 years, by the end of which they are to be paid off.
Before a person get a mortgage, the application for the loan goes through a review and approval process. In this stage the borrower's financial status and credit rating are judged. If all criterion are met the loan goes into closing in which the legal documents including mortgage note are signed.
A borrower should be aware that at the time of closing the mortgage lenders normally require payments towards meeting the loan processing and originating costs. A escrow account is also opened in which the property tax due amounts and insurance premium amounts are required to be regularly deposited for meeting these payments.
It is also important to know what the monthly mortgage payments include. In general there are four divisions into which the monthly payments can be categorized such as:
- Part of the loan principal. This is the amount one borrows for his purchase or for meeting other financial requirements.
- Amount of loan interest the borrower has to pay which depends on the type of mortgage selected and the rate that is decided upon between the lender and the borrower.
- As mentioned above escrow payments which include the insurance and property tax payments. The insurance amount covers for the losses by any type of disaster, theft or fire.
- Private mortgage insurance premium is necessary to be paid if a borrower makes a down payment of less than 20 percent of the home's value.
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