REAL ESTATE LOANS
Know the Exact Mechanism of Mortgage - Learn Now
COMMERCIAL MORTGAGES CALIFORNIA
ORANGE COUNTY, SAN DIEGO, LOS ANGELES,
SAN FRANCISCO, SAN JOSE
Do Know the Exact Mechanism of Mortgage
By hirniswilliam • 296 Views
is a mechanism under which real estate is used as a security
or collateral by the lender. Mortgage in itself is not loan,
but it security for the loan that lender makes available to
the borrower. In other words we can say mortgage acts as an
evidence of debt of the borrower.
may be classified into two broad categories, namely
In the residential
mortgage, residential property or house of the borrower is used
as security for the loan by the lender. In case of commercial
mortgage real estate other than house or residential property
is used as security for securing loan from the lender. Commercial
mortgage is used for securing real estate for office, factory,
mortgage is also used by businesses to secure money for
to home or residential mortgage commercial mortgage is much
more complex. This complexity arises because of liability and
credit worthiness of the business in case of commercial mortgage.
there is difference in the rate of interest for residential
and commercial mortgage. Because of higher risks involved in
commercial mortgage, their interest rates are appreciably higher
compared to those of residential mortgage.
these two broad categories, rate of mortgage play significant
role. Based on the rate of interest, mortgage may be classified
of interest only mortgage, borrower's schedule payment consists
of only interest on the mortgage. Usually this type of mortgage
is available for fixed term of 5 to 7 years. After the fixed
term is over borrower has to pay for principa In case of fixed
rate mortgage, rate of interest remains same through out the
term of the loan. Borrower will pay same amount as monthly installment
through out the tenor of the loan.
of adjustable rate mortgages you may be able to find lower initial
interest rate than the prevailing market rates. In this type
of mortgage interest rate of the mortgage are linked to certain
market indices and fluctuate according to market.
of balloon mortgages, loans are of short duration and interest
rates are fixed. Monthly installments are also fixed in this
type of mortgage. Borrower usually gets lower interest rate
compared to prevailing market rate for these mortgages.
mortgage is usually 2 term process. In the first term, borrower
pays fixed monthly installments. In the second term borrower
make a single payment for the full amount of the mortgage.
of reverse mortgage, borrower gets money from the lender. This
type of mortgage is usually available for senior citizens.
plan to buy a house or commercial property, you must enquire
about the best and lowest mortgage rates. Find answers to all
your quarries online. Make choice of mortgage and realize your
commercial or residential dream.
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