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Old 05-19-2006, 06:24 PM
jack-rice
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Post about mortages..

A mortgage is basically a loan specific to the real estate market. Typically, it covers 70-90% of the purchase price of a house or other property, with the penalty for non-payment being foreclosure, or reversion of the property to the lender. They are available from most banks, credit unions, portfolio lenders and some government agencies.Mortgage loans usually employ a 30-year repayment (or amortization) schedule. Payments are a changing combination of interest and principal, so that in the early years a payment mostly consists of interest on the outstanding principal balance, but in later years the mix becomes much more heavily weighted toward paying the principal itself. There also is private mortgage insurance to consider, which is required if less than 20% is put down on the house. It has gotten easier to actually get rid of this extra payment as soon as possible.Learning the administrative and legal aspects of the loan process is essential for anyone considering a loan. A borrower should know what contracts and documents he or she will encounter, and how to negotiate through the paperwork. Also, it is important to be aware of what fees may be assessed and how to minimize or eliminate them wherever possible.more about loans
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Old 04-21-2009, 04:42 AM
rinky9888
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A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture.
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Old 04-11-2011, 12:40 AM
jenny12
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Hello Friends.........

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 mean mortgage loan.

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Old 08-15-2012, 12:08 AM
JoemelY JoemelY is offline
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A mortgage is a loan that is secured by a house or other real estate property. That means if you fail to fully repay the loan, the lender can take the property and sell it in order to pay off the loan.
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