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Mortgages or Home Loans

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Mortgage Loan : Is a loan used to purchase property, often referred to as a mortgage or a home loan.
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Mortgage loans are the most common method used by residential home buyers or builders of their home because of the large costs involved in purchasing property. Banks and financial institutions are the most common providers of mortgage loans, but alternative methods are also available.

The features of each mortgage or home loan vary greatly from bank to bank and from country to country. Loan maturity, mortgage interest rates, the financial risk of the borrower, the frequency of payments, the mortgage deposit, and the amount of money borrowed for the home are factors that influence and vary with each mortgage loan.

The credit risk of the mortgagor (the person borrowing the money) is a major factor in the amount of money and interest rates charged by the mortgagee (creditor or lender). Most major lenders require the mortgage applicant to have a good credit rating and have a deposit of 10% or more.

Borrowers that have poor credit histories or do not have a mortgage deposit often use alternative borrowing methods, like no deposit home loans, low doc mortgage or subprime loans. These riskier lending methods caused the American subprime crisis in 2007 where billions of dollars were lost by financial institutions and financial markets in the United States and around the world.

Also called : Mortgage, Real Estate Loan, Home Loan, and House Mortgage.


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