The first thing you’ll want to do before you start looking at the various mortgages and mortgage lenders available is understand what a mortgage is, how the process works and who takes part.
Mortgages are simply methods of using your personal property or real estate to secure your payment of a debt. The term mortgage comes from the French word for death vow. It refers to the legal means that is used to secure the property, although it most commonly refers to the debt that is secured by that mortgage. In other words, the terms mortgage and mortgage loan are commonly used interchangeably.
In just about every jurisdiction mortgages are associated with loans that are given on real estate rather than on any other property such as water craft. There are cases where raw land is mortgaged as well. The securing of a mortgage simply means that individuals or businesses use the accepted method of purchasing either commercial or residential property without having to pay the full price on their own immediately. So there are residential mortgages and commercial mortgages commonly provided throughout the world on a regular basis.
It is far more common for either...
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