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Friday, 22 February 2008 |
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By Lesley Lyon
 The method of using a real or personal property as collateral for the payment of debt is called mortgage. Mortgage is the standard method by which an individual or businesses can buy a residential or commercial real estate delaying the necessity to pay the full amount instantly.
The main participants in mortgage are, the lender or the mortgagee, usually a bank, Insurer or a financial institution, which has the legal right to the debt and the debtor or the mortgagor who owes the obligation. Typically, the debtor must fulfill the conditions of the mortgage or he runs into the risk of foreclosure. Debtors can be homeowners, landlords or business who purchase through loan.
The other participants are lawyer or a mortgage broker or a financial advisor. Arranging mortgage is the basic process in which the individuals or corporations are allowed to acquire properties sometimes with the help of mortgage online services, which may also aid in comparing rates between lending companies.
Mortgage is of two types, namely mortgage by demise and mortgage by legal charge. In the first type, until |
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Last Updated ( Friday, 22 February 2008 )
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