What is a Mortgage?
A mortgage is defined as a loan with regard to real property that is granted to a borrower who is interested in the ownership of a piece property whose innate market value exceeds the financial means in possession of that borrower; mortgage loans require payments that are typically expected on a monthly basis – mortgage loans can be granted for both residential and commercial property.
Types of Mortgages
Within the scope of mortgage loans, there exist a variety of mortgages that are awarded to individuals; the types of mortgage loans vary due to both circumstance, as well as eligibility:
Bad Credit Mortgage
A Bad Credit Mortgage is classified as a type of mortgage that is available to individuals whose credit score(s) would normally prevent them from being eligible to be considered for a mortgage loan
A Reverse Mortgage is a type of mortgage for which only senior citizens meeting the age of retirement are eligible; the granting of reverse mortgages are facilitated upon an individual’s equity
A fixed-rate mortgage is defined as a type of mortgage in which the interest rate present in the terms of the mortgage agreement remains the same throughout the life of the mortgage
A self-certified mortgage is a type of mortgage loan that permits the individual borrower to propose a financial statement reflecting their respective income with the hopes of optimizing mortgage rates
A Second Mortgage is a supplemental mortgage with regard to real property that is afforded to an individual in tandem with a preexisting mortgage; these types of mortgage can serve as financial means against which to be borrowed
A remortgage is a procedure involving the replacement of a preexisting mortgage with annew mortgage loan from a new lender
Mortgage Insurance is a type of insurance policy that is allowed to financial institutions acting as mortgage lenders that protects them from the potential of an individual borrower to satisfy the expected mortgage payment(s).In the event that a mortgage lender deems mortgage insurance to be a necessity with regard to an individual borrower, additional fees as instituted within the mortgage payment to compensate for the mortgage insurance policy; typically, borrowers who can provide for 20% of the market value of the property in question will not be charged mortgage insurance fees – however, plans such as the ’80-10-10 plan’ and the ’80-15-15’ are exceptions to the standard.
Mortgage and Property Law
The institution of property law is instrumental to the development, maintenance, and legislation with regard to the ownership of property, as well as the applicable means needed to finance the ownership and residence of property. Although Mortgage laws – akin to property laws - vary within the many regions of the United States, the status of the ownership and management of real property can differ greatly depending on monies, assets, debts, collections, and preexisting conditions that are evaluated and analyzed with regard to the prospect of obtaining a mortgage.
Mortgage Legal Assistance
All details, records, and supplemental evidence expressly requested by applicable Mortgage documentation and applications should be provided in the most timelyand detailed fashion; furthermore, all deeds, asset lists, and related liabilities should be submitted - Mortgage forms reflecting the real property in question should be supplied by the borrower. In the event that an individual experiences difficulties with regard to the Mortgage process, they are encouraged to consult with an attorney specializing in the field of Mortgage legality, property law, estate law, contract law, insurance law, and financial loans.