Specific charactristics of morgage [mortgageinsurancequotes.blogspot.com]
A federal grand jury has indicted four people in the Chicago area on charges they fraudulently secured dozens of residential mortgage loans worth $ 9 million. ... Lenders' losses totaled nearly $ 5 million because of mortgages never fully recovered ... 4 indicted in alleged mortgage fraud
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Therefore a mortgage is an encumbrance on the right too the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property. Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage loan, either directly or indirectly and often throug state intervention. Other aspects that define a specific mortgage market may be regional, historical, or driven by specific charachetistics of the legal or financial system.Lenders provide funds against property to earn interest income, and generally borrow these funds themselves.
The price at which the lenders borrow money therefore affects to cost of borrowing.
Ther are many types of mortgages used worldwide, but several factors broadly define the characteristics of the mortgage. All of these may be subject to local regulation and legal requirements. Interest may be fixed for the life of the loan or variable and change at certain pre defined period the interest rate can also of course be higher or lower. When the amount a company or government repays in bedt exceeds the amount they currenlty borrow. Paydown is also when a mortgage borrower pays the principal and of a mortgage. In doing so, the borrower is paying down his or her debt. In ganaral, paydown also refers to repatment of any outstanding loan. It could mean paying down a car loan, cradit card debt, school loan or any other type of debt.Mortgage in which the underlying terms and conditions meet the funding criteria of fannie mae and freddie mac. About 35 to 50% of mortgages depending on market conditions and consumer trends, are conventional mortgages. In other words, fannie mae and feddie mac guarentee or purchase 35-50% of all mortgages. Conventional mortages may be fixed rate or adjustable rate mortgages. Related Specific charactristics of morgage Issues
Question by Futbol4Ever: How can I help my friend that got scammed by morgage lender? I have a close friend that got scammed by a morgage lender and my friend didn't even know that his loan was going to be a variable rate. They gave him no copies of the docs, and not only that, they lied about his income to qualify him. I feel so bad for my friend and I wish I can help him somehow. The only doc he did see was one that said the loan amount and it had the interest rate on it, but it was dated three days prior to when he signed it, and they told him that it was because if he didn't sign it that he couldn't get that rate. But it also never said that the rate was adjustable. He is very desperate and bummed out. It's been three weeks, and he just told me this last night. Please give me some tips. This is for California. Thanks in advance. Best answer for How can I help my friend that got scammed by morgage lender?: [morgage lender]
