That’s because very few people had enough cash to buy a home in one lump sum. And until the 1930s, there was no such thing as a bank loan specifically designed to purchase a home, something we now know as a mortgage. In simple terms, a mortgage is a loan in which your house functions as the collateral. The bank or mortgage lender loans you a.
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A mortgage is a loan taken out to buy property or land. Most run for 25 years but the term can be shorter or longer. The loan is ‘secured’ against the value of your home until it’s paid off. If you can’t keep up your repayments the lender can repossess (take back) your home and sell it so.
Mortgage Refinancing for Dummies – Consumers Advocate – Mortgage Refinancing for Dummies.. which is the difference between the market value of the home and its outstanding mortgage. Others consider refinancing as a way to pay off or consolidate debts and increase the value of their homes.
It’s easy to be overwhelmed by all of the numbers and terminology associated with mortgage loans, especially as a first-time home buyer, but learning some basic terms and concepts can help you to.