A mortgage is a method of using property (real or
personal) as security for the payment of a debt.
The term mortgage (from Law
French, lit. dead pledge) refers to the legal device used
for this purpose, but it is also commonly used to refer to the
debt secured by the mortgage, the
mortgage loan.
In most jurisdictions mortgages
are strongly associated with loans secured on
real estate rather than other property (such as ships) and
in some cases only land may be mortgaged. Arranging a mortgage
is seen as the standard method by which individuals and
businesses can purchase residential and commercial real estate
without the need to pay the full value immediately. See
mortgage loan for residential mortgage lending, and
commercial mortgage for lending against commercial property.
Buying a Home
The key to a great mortgage: Finding the right
loan officer. It's all about credibility, dependability, and
longevity.
Home
Equity
The basics: Figure out how much equity you have in your home by
taking today's market value and subtracting the amount you still
owe on your mortgage.
Consolidate
Debt
Use your equity to
consolidate debt: Pay off high-interest credit card debt
with a lower-interest
home equity loan. Breathe easy.
