Tag: Mortgage
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Mortgage
Introduction to Mortgage Mortgage, legal instrument that pledges a house or other real estate as security for repayment of a loan. By providing a guarantee that the loan will be paid back, a mortgage enables a person to buy property without having the funds to pay for it outright. If the […]
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Mortgage Getting
Mortgage Getting a MortgageIntroduction to Mortgage GettingA borrower can obtain a mortgage from a bank, credit union, or other lender. Most lenders require the borrower to have a certain amount of money to use as a down payment toward the purchase of the house. For example, if an …
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Mortgage Repaying
Mortgage Repaying a MortgageIntroduction to Mortgage RepayingMortgage payments consist of two parts: payments for interest and for principal. Interest is the fee for using the lender's money. Principal is the amount of the loan still owed. A portion of each payment pays interes…