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Mortgage The term "mortgage" refers to a financial arrangement in which property is used to secure the promised payment of a debt. Mortgages are most commonly associated with the acquisition of real estate, both commercial and residential. Essentially the property being purchased is the security on which a loan is issued. If the homeowner fails to meet their mortgage obligations, the property may be seized and sold to clear the debt. In the mortgage process the creditor is a bank or other financial institution while the debtor is the home owner or business making the purchase. Because the negotiation of the arrangements, which includes the transfer of the property, can be complex, both parties typically work through a specialist in the field known as a mortgage broker. Consumers also frequently turn to Certified Mortgage Planners who are instrumental in helping individuals to incorporate a home purchase into their overall financial position. More terms explained |
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