Mortgage What Is It

If you plan to buy a home and don’t have the cash to pay for it outright, then you need a mortgage. lenders define mortgage as the money you borrow to pay for real estate.

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What is ‘Mortgage’. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear.

What is a mortgage? In a nutshell, a mortgage is a loan that enables you to cover the cost of a home. In a nutshell, a mortgage is a loan that enables you to cover the cost of a home.

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A mortgage is a debt like any other, with the most distinguishing feature being it's secured by real estate. Learn more about the types + how to qualify.

Mortgage Note. When you sign the mortgage note at closing, you become personally responsible for repaying the mortgage. A mortgage is what ties you to your house. It legally requires you to make payments on the loan the bank provides you to buy real estate. There are many legal and financial consequences of this process, such as the loan amount,

The mortgage lets the lender take the home if you don’t pay. Read more on mortgages. "Mortgage" comes from the Latin word mort, meaning death – as in "this debt is yours until you die."

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MortgageIT formerly MIT Lending is a residential mortgage banking company that was founded in 1988 and is headquartered in New York City. By 2004, the company had become one of the top mortgage lenders in the nation. Also, in 2004, MortgageIT became a wholly owned subsidiary of MortgageIT Holdings, a self-administered REIT trading on the NYSE.

Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. But, it increases the cost of your loan. If you are required to pay mortgage insurance, it will be included in your total monthly payment that you make to your lender, your costs at closing, or both.