People all across the world has greatly benefited with the introduction of credit cards. Amazingly this little card has provided billions of people the freedom to purchase anything without having a single coin in hand. Only the credit cards provide us the power to make purchases even being cashless. As time is going on, the industr... Read more
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Despite increasing numbers of the population having a mortgage, it is amazing how few people actually know what they are and how they work. A popular term for one is a mortgage home loan although it should never be referred to as a loan because it isn't. There are three terms that you need to learn that are used: the first is mortgagor (the property owner), the mortgagee (the company that takes on the security for the property) and the mortgage (the contract to pay between the two). This legal agreement is a way to protect the lender from loss by having the very item (house) used as security against defaulting.
Without mortgages being available, people and many businesses would not be able to afford the full asking price of a property if it was required they pay this amount upfront. Misunderstandings on how the system works also create problems but the main points are dealt with during the rest of this article. The problem arises because so many people refer to the buyer as the Borrower and the financier as The Lender which leads people to believe that the money has been loaned which is not the case. A security measure designed for purchasing properties, called a lien, is enforced until the mortgage is cleared at the end of the term. The property you are buying does in fact become collateral for the finance that has been sought to pay for it and is the protection a mortgagee needs if he is going to continue financing house purchases. Being a legal contract, the lien will be lodged within the records at the county or city courthouse (or a similar public office). This act makes the purchase and the ownership of the house official and no-one can transfer this ownership until the debt is fully paid off. Even if your property is mortgaged, you still own the property wholly and completely and nobody else, not even the mortgagee has title to the property. The only right the mortgagee has over the property now is if payments are missed and the property needs to be sold so the mortgagee can recoup his funds. This is the dreaded process referred to as foreclosure but if the property is used as security, then the foreclosure must go through the court system. The reason behind this process is to ensure the legal procedures have been followed and also why it is called Judicial Foreclosure. This is the subject in brief and while there is a great deal more to it, perhaps this will help to clear up any ambiguities you may have previously experienced. Constructions loans work pretty much the same way by having a note and mortgage along with a construction loan rider for the construction loan period.
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