Mortgage BusinessThursday, September 11, 2008 4:57
The term of “mortgage” comes from the Old French “dead pledge“. A mortgage is the pledging of a property to a mortgage lender as a security for a mortgage loan. A mortgage is not a debt in itself, but evidence of a debt. In other word, it is a security for the loan that the lender makes to the borrower. The mortgage is a transfer of an interest in the real estate, from the owner to the lender, on condition that this interest will be paid to the owner of the land when the mortgage terms have been satisfied or performed. The pledge ends either when the obligation is fulfilled or the property is taken through foreclosure
In most cases, mortgages are strongly associated with loans secured on real estate rather than other property, such as ships. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential or commercial real estate without the need of paying the full value in once.
It is normal in many countries for the purchase of properties to be funded by a mortgage. In countries where the demand for ownership of real estate is highest, strong domestic markets have well developed, especially in Spain, the UK, the Commonwealth of Australia and the US.
For several years,
Nowadays, the mortgage business is developing at dramatic speed. Increasing online mortgage services are bringing more convenience to people. For example, you can easily find useful information on the internet about Washington Mortgage via simply clicking your mouse at your desk or check the Landscaping in Washington. All these can be of great help for you to make the right choice of mortgage. Isn’t that great?!
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