Mortgage
Mortgage
A Mortgage is a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Overview
A mortgage loan or simply, mortgage, is used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms.
Types of Mortgages
There are several types of mortgages used worldwide, but several factors broadly define the characteristics of the mortgage. All of these may be subject to local regulation and legal requirements.
Mortgage Lenders
Mortgage lenders include a wide range of entities. They can be traditional banks, credit unions, or online lenders. They lend money directly to the borrower.
Mortgage Brokers
A Mortgage Broker is an intermediary who brokers mortgage loans on behalf of individuals or businesses.
Mortgage Repayment
The most common way to repay a secured mortgage loan is to make regular payments toward the principal and interest over a set term. This is commonly referred to as (self) amortization in the U.S. and as a repayment mortgage in the UK.
Foreclosure and Non-recourse Lending
In some jurisdictions, mortgage loans are non-recourse loans: if the funds recouped from sale of the mortgaged property are insufficient to cover the outstanding debt, the lender may not have recourse to the borrower after foreclosure.
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Contributors: Prab R. Tumpati, MD
