what is morgage
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to meanmortgage loan.
The word mortgage is a French Law term meaning "death contract", meaning that the pledge ends (dies) when either the obligation is fulfilled or the property is taken through foreclosure.[1]
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank or credit union, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
In many jurisdictions, though not all (Bali, Indonesia being one exception[2]), it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed.
Mortgage Calculator
Mortgage Calculator provides a variety of free calculators to assist you in researching, planning and obtaining a mortgage as well as learning more about your existing mortgage. By using our free mortgage calculator you can calculate your monthly mortgage payments, interest rates, pay-off dates and amortization schedule, in addition to a number of other variables about mortgages such as finding the best rates. All of our payment calculators are designed to make it easier for you to understand mortgages and help you make important decisions about your finances. We know that mortgages can be confusing and intimidating, which is why we have developed a comprehensive range of free mortgage calculator tools to help you out along the way. This is the easy way to determine how much your mortgage repayment budget needs to be.
