Unless you are one of Bill Gates close associates, you will probably be looking into mortgages to purchase properties and investments. Mortgages involve two main parties: the borrower and the lender. The borrower requires money in order to purchase the property while the lender loans them the money at a certain price. Additionally, the mortgage contract gives certain property rights to the lender. These rights include the prerogative to sell the property in the event that the borrower failed to or cannot make the full repayments required by him or her to the lender. Thus the property becomes the lender's security on the loan.
Additional information on mortgages
Mortgages are specific agreements created between a lender and borrower of capital for the purpose of purchasing a home. Home mortgages are designed specifically to provide security for the lender of the finances while providing the borrower with enough capital to purchase a property. The mortgage empowers the lender with certain rights to the property. These permit the foreclosure and sale of the property, in the event that the borrower doesn’t or cannot make the required payments to the lender as stipulated in the mortgage contract. In this case the lender has the right to sell the property and recoup losses incurred on the loan.
Payments on mortgages
Payment on mortgages is agreed upon in the terms of the mortgage contract. In most cases the mortgages require a fifteen or thirty year fixed rate period. The fixed rate period refers to the length of time the lender the borrower to pay back the full amount of the mortgage including the additional interest charged. By this definition, thirty year mortgages spread the payments across a time span of thirty years. Alternatively, fifteen year mortgages spread the loan across fifteen years. The fixed rate refers to the additional interest accrued by the mortgage. This rate does not always have to be fixed. Fixed rates are often recommended to avoid paying extra on market fluctuations.
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