What is a mortgage?

Mortgage is an entity that acts as a creditor to the debtor for the purpose of buying a piece of property. In a transaction with real estate, the creditor proceeds for the necessary funds for the debtor or mortgage to complete the agreement. Because the purchase of a house is often a lengthy effort, the creditor and the debtor begin professional affiliation that continues throughout the loan. In fact, mortgages have funds to provide a loan and should not be mistaken for what is called the mortgage "agents". Mortgage agents do not lend money or provide loans; They simply act on behalf of real creditors.

The mortgage function is somewhat simple. The creditor helps a mortgage in finding a suitable housing loan, determines the right rate and loan to meet the needs and financial abilities of the debtor, processes and subscribed the required paperwork and finally finance the loan. The entire loan process is closed in closed creditor provides funds for real estate and the mortgage agrees to pay back inYt -created debt. Before completing the loan, debtors must sign a loan agreement that provides a safe share in the home or assets. Simply put, both parties must agree that the dwelling or soil will act as a collateral for the upcoming loan.

should come to a time when the debtor cannot meet his debt repayment requirement, the mortgage can take over the property with a mortgage. In such cases, the mortgage also has the right to sue for mortgage money. Until the mortgage is paid in full, the creditor is entitled to a mortgage. Standard treatment for creditors in the case of default settings is the closure of the market.

6 In both cases, the property with an old mortgage is then used by any proceeds from the sale to satisfy the remaining mortgage debt. In some places there is a strict market closure, and the debtor receives the set time to repay the debt; If tAK does not do, ownership of the property returns to a mortgage that is not obliged to sell it.

It is important that debtors should be aware that it is necessary to present all mortgage installments early to prevent the market from closing. Moreover To realize the real ownership of the house, one has to pay the loan in full. It is not always an easy task, but it is the one that pays off in the long run.