• Mortgage Definition

Mortgage Definition:-  The word mortgage comes from a french word ‘Mort’ which means dead and an old English word ‘Gage’ which means pledge.
Mortgage implies to be a loan on the property that is created on the contract has to be paid within a specified time frame. Earlier, if the loan was not repaid by the mortgagor then the land pledged as security for the debt will be taken away. The land was considered dead for the mortgagor. However, now
The loan is usually acquired on personal grantee that you will repay the amount that has been taken by you to buy your home. Mortgages usually come in lots of different shapes and sizes, each with its own terms, advantages and disadvantages. You should always make a viable choice according to what suits to your needs, your future plans and to your financial status.

There are two main types mortgage loans -

First one is fixed rate mortgage (FRM) and another is adjustable rate mortgage (ARM). Talking about FRM, the interest rate, and the monthly system remains fixed for the life of the loan. Whereas, in ARM, the interest rate remain fixed for a specified time period which after that will be adjusted up or down periodically depending as per the market index.

Apart from that, there are some other types of mortgage loans as well. These are -

  • Low-Interest Rate Mortgages - Low interest mortgages offer a comparative low interest rate that most of the borrower won't pass. Finding a low rate can reduce years off your loan and can also help you save thousands, so make sure to search and compare the best low-interest mortgage loan while you buy your home.
  • Interest Only Mortgages - The rate of interest in interest only loans can be changed as often as in a month or can remain same for the period 10 years.
  • Assumable Mortgages - In assumable mortgages, the outstanding mortgage, and its terms can be transferred from the current owner to a buyer. The buyer can thus avoid having to obtain his or her own mortgage by assuming the previous owner's remaining debt.
  • Reverse Mortgages - The type of mortgage loan is available for older homeowners that allow them to convert part of the equity of their home into cash.

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