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A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
The term comes from the Old French "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.
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.
In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom, the Commonwealth of Australia and the United States.
bjm_116
asked:
"if i buy a home of $350,000 detached / semidetached and 10,000 down payment then how much mortgage will i have to pay every month???? thanks for the answers :)well if not 10,000 then wat abt 20 or 25 ?"
Question posted courtesy of:
Min replied:
"depends on your interest ratelets say you did a 30 year 5% fixed1825.19 would be your monthlyhere's a calculator.. toss around your own numbers."
Jamestheflame replied:
"That depends on your interest rate, insurance, tax, term of the loan and the cost of mortgage insurance (which you will need with so small a down payment)."
hrh_gracee replied:
"On a 340,000 mortgage loan (350,000 purchase price with 10,000 down) and an interest rate of 6.25% your estimated monthly payment would be: $2,093.44. That is assuming the 10,000 down was only the down payment and that you have extra $$$ for closing costs.While this would include interest, this does NOT include taxes, homeowners insurance, or PMI (private mortgage insurance) which you undoubtedly will have on a mortgage above an 80% loan to value ratio. Good luck."
woodlander replied:
"if you have an OK credit, about 2700 with prop. tax and ins."
Beez replied:
"It depends on the interest rate and whether you take out a 15 or a 30 year mortgage with an adjustable or a locked in rate."
MortgageGuy replied:
"Im a mortgage banker of 13 years...You will be aroung the $1800 mark before taxes and insurance..Do you have someone to help with financing?You may be able to get a lower payment if you can put more then the $10k down on the property.. The more you put down, the better rate you qualify for..If you need assistance with a mortgage loan, feel free to give me a call..I work with Providential Bancorp, and we serve most of the US..Call or email me at any time!Jason FryProvidential Bancorp312-264-6448"
Iñigo
asked:
"In the actual Subprime mortgage crisis in the US huge amounts of mortgage frauds were discovered. What's the part that these frauds played in the actual mortgage crisis ? Thanks."
Question posted courtesy of:
kate replied:
"Read . . .>"
alterfemego replied:
"Lenders were not clear or were untruthful about how the adjustable rates worked and what the consequences would be to the homeowner in the future when they adjusted. Some started folks out with what were called "teaser rates", like 4%, but it would adjust significantly within a short period of time, like 1-2 years, and the new rate would be 8%! These folks had no clue. Loans officers were not licensed in most cases and were'nt held to a higher standard like Realtor/Appraisers are. Thus they bent the hell out the rules to make a buck. Others like a few builders and others would use what are called "straw buyers" to sign closing paperwork on a property they really didn't wouldn't own. These straw buyers put themselves in deep trouble with Federal Authorities. And some appraisers were in the mix as well, dummy up appraisals to match the trumped up sales of properties. So it all came down to greed and now we are all going to pay for this for many years to come. I would estimate that somewhere between 85-95% of Americans will feel some effect of this on their credit with no control on their part. A damn sad state of affairs."
afiesha s replied:
"That is a really good question. Allow me to direct you to this site. It is great for people with questions like yours."
Oye chak de phatte!! replied:
"read on...The above article elucidates you on the actual subprime mortgage crisis in us. and the persons behind the mortgage fraud and all those who are to be directly blamed for this financial catastrophe."
buad0118
asked:
"I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?"
Question posted courtesy of:
Karen R replied:
"If Countrywide is currently the 3rd mortgage and you buy it at their foreclosure sale you will be responsible for the 1st and 2nd mortages plus taxes."
girlwhoknowsitstrue replied:
"BTW, there's a redemption period where the original owners can pay back what's owed and reclaim the house - can be anywhere from 6 months to 1 year - so don't be quick to dump money and updates into that house."
David D replied:
"The answer may be here."
Searchlight Crusade replied:
"When a senior lien forecloses, a junior lien is wiped out.So if the first mortgage holder forecloses, the second trust deed goes away. If the second forecloses, you'll still owe the first.Oftentimes, if a senior lien forecloses, the junior lien holder will send a representative to the auction to defend its interests by making sure the property goes for enough to pay the junior lien as well. Or they buy it themselves with the idea of reselling. Costs money, yes. But better than losing their whole investment."
El_Nimo replied:
"Lets see if I get this right with my mystical magic 8 ball. You're buying a foreclosed house from the 3rd mortgage spot.Here's the only reason why you will buy the house from the 3rd position, the house is worth more than the 1st and 2nd mortgage and the 3rd mortgage together.I'll give some numbers to make it work or not work. Lets say the house is worth approximately $425,000. The 3rd mortgage is $10,000 and they are foreclosing. You can pick up the 3rd mortgage for say $5,000. This mean for you to own the house full and clear, at the time of the foreclosure sale you'll need $355,000 in cash. (technically $70,000 in equity).So the answer to your question is yes, if you buy this foreclosure, you'll need to pay the first and second mortgage off plus taxes."
sammus
asked:
"I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job. My home business will not require any due balances or credit lines to increase my debt. Would mortgage companies see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I've been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months.The reason I am asking is because what I will be doing requires a vendor license. Therefore, in my ssn, it would show the business based at my home address.I am actually looking for a new mortgage loan, not a home equity loan or personal loan and I don't need to borrow to pay debts."
Question posted courtesy of:
Keith A replied:
"If there is no debt increases involved, then does the mortgage company really need to know about your home business? Go to and check out all of the articles on this very sort of thing. You can find all you need to know there."
Nanci T replied:
"I believe the answer you're looking for can be found on this site. They've got lots of info about the subject."
Mortgage Planner replied:
"A lender wants to see a history of stable and continual employment and income and will consider- your debt-to-income ratio (debt divided by income)- the loan-to-value ratio (mortgage divided by appraised value)- your credit history.Based on what you have stated, as long as you continue to have stable employment and income, no increase in debt and maintain your credit score, your plans to start a business should have no impact on your ability refinance your mortgage."
ed m replied:
"i do not see any problem with you getting the refinance and i would not worry about the business end affected it!!!"
TexasBound
asked:
"I'm planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I'd like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?"
Question posted courtesy of:
lendingwhiz2008 replied:
"That depends on a few things.How much equity do you have in your current home?What is your credit score?What is your debt load?Yes you can get a 2nd mortgage on your current home to buy another, people do it all the time.Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage.You can get a loan with a BK. Many lenders require it to be discharged for 2 years, however, there are still a few lenders that will lend on a BK only being discharged 1 day.In a nutshell, yes you can, if all your other ducks are in a row.Good luck"
Tony D replied:
"Texas bound eh? Welcome to a whole 'nother country! I relocated to Ft Worth two years ago from San Diego. I like it here, especially every month when I pay my tiny little mortgage payment! As for the cash out thing, 2nd mortgage lenders are really tight on recent prior BK's. If you have a lot of equity in your home, you can get something decent and get a good loan on your new residence. Are you thinking of keeping the old place as investment? Or just using the equity to move, then sell after you get here? There are a few considerations you have to make. More than I can go into here. I would be happy to help answer questions and share some of what I have learned. Feel free to contact me at"
Renovation Specialist replied:
"I would have to say yes to both of your questions. You can refinancing your current home and pull cash out to put down on the new home. You can also rent out the current home to off set your monthly obligations. So, you will be getting cash out the home and getting a tenant to pay your current mortgage. But, if you can get a tenant to rent out your home in the time you have to move. Your mortgage lender would simply have to make sure your debt to income ratios will allow you to take on two mortgages. As for the BK most lender would require you to have it discharged for at least 24 months. The lenders that would allow you to get a loan with a BK discharged for a couple of day would give you a higher rate as well as a lower loan amount. Which basically means you'll have to put down more money then you'd like too."
EDDIE F replied:
"I was once in your situation. Don't worry, everything will work out for you =)A year ago I found this organization that gives people up to $1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money.Good Luck!"
Debt Guru replied:
"Also use a free quote service such as to get quotes from at least 3 - 4 lenders. that way you will know where you stand, and will be better informed to make your decision."
sara sentor replied:
"Refinance after bankruptcy is pretty much like substituting it with a completely new mortgage. And second mortgage is one such option for you. It's good for you to know that you can actually refinance with second mortgage even though if you are suffering from bad credit. So look out for good reliable lender and work on refinancing.For more on bankruptcy mortgage refinance and second mortgage refinancing, log in to: respectively."
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