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A mortgage is a device used to create a lien on real estate by contract. The mortgage is an instrument that the borrower (called the mortgagor) uses to pledge real property to the lender (called the mortgagee) as security for a debt Cheap Allen Iverson Jersey , also called hypothecation. The mortgage, as a rule, consists of the promissory note and the pledge. For example, when somebody wants to buy a house to live in it with his family, but does not have enough money at the moment. Thus that person needs to take a credit. But nobody will give this person such a large sum of money Cheap Moses Malone Jersey , without having trustworthy and firm guarantees. But what kind of guarantee can meet these criteria? Of course it is not a word of honour or just a promissory note. But the house, which a person wants to buy, will probably be the best guarantee for the creditors.


Consequently, the person, who needs a credit Wholesale Philadelphia 76ers Jerseys , writes a promissory note, which serves as the evidence of the debt and the promise to repay money with a certain interest rate, and formalizes a lien. This lien must be registered in the public records. After the repayment of the debt within a certain period of time, creditor returns the promissory note to the debtor and the lien becomes annulled. In the case when the debtor can not fulfill his engagements, the pledge (the house in our example) will be sold by the auction and the proceeds pass into the hands of the creditor.


Sometimes there occur such conditions Wholesale 76ers Jerseys , when a creditor needs money with expedition and the credit's maturity date is too late. In that case the creditor can resell the lien to other holder, which will receive the interest rate and the credit. This kind of financing is very popular in the United States of America and there exists two governmental organizations ? Home Owners Loan Corporation and Federal Housing Administration, which provide mortgage loans with very law interest rates and of course there are plenty of private loan companies, mortgage companies, credit unions etc. There are many types of mortgage loans exist: adjustable rate mortgage Cheap Philadelphia 76ers Jerseys , fixed rate mortgage, capped rate mortgage, discounted rate mortgage, reverse mortgage and other.


Adjustable rate mortgage is characterized by the changing interest rate. Thus 'the borrower benefits if the interest rate falls and loses out if interest rates rise?.


Fixed rate mortgage is characterized by the constant interest rate and, in turn Cheap 76ers Jerseys , constant monthly payments.


Capped rate mortgage is the mortgage when the borrower pays the accrued interest with a constant rate, but if the actual rate falls below the capped rate, then the borrower pays on the lower rate.


Discounted rate mortgage is a mortgage when the borrower repays the loan with the discounted interest rate for a certain period of time.


Reverse mortgage is a kind of loan, when old people want to receive money while living in their homes. When the borrower dies his property is sold and the credit is repaid from the proceeds.


In order to obtain a mortgage a person should fill a loan application and prepare all the required by the lender documents (see below), and then deliver them to the lender. Within three days the lender has to return the disclosures Wholesale Robert Covington Jersey , required by the law ? Good Faith Estimate and Truth in Lending, to the borrower.


Commonly, lenders demand for the following documents to be presented by the borrowers: - verification of income; - verification of assets; - information about the purchase; - information about the debts; - some kinds of additional personal information. Verification of income includes the following: earning statements for the two past years; profit and losses from the self-employment (if applicable) for the past three years; additional income (if applicable) such as interest or social security. Verification of assets includes the following: list of bank accounts numbers, list of saving bonds and some other. Information about the purchase ? anything that may be considered important from the point of view of the lender ? copies of the purchase agreement and the sale agreement, because he is concerned a lot if the borrower is not a swindler. Information about the debts is important because in the case of borrower's bankruptcy there can occur the line of his creditors each of which has a legal priority to receive debts.


This information might contain the following: credit card bills Wholesale Henry Sims Jersey , consumer debt bills, information about alimonies (if applicable) and some other. Lenders usually interested in the origin of the future down payments (will the borrower pay them from the salary or interest from some equity etc). Additional personal information can include divorce decree or explanation letters about any credit problems. Of course, the list of the required documents may very different from one lender to another and it will be wisely to make them more precise by the means of communications beforehand. But borrowers should take into consideration that fact that different types of mortgage imply specific requirements (for example, reverse mortgage requires the borrower to be at least sixty-two years old). I also want to mention that there is a kind of mortgage when no or very little documents are required to be presented except for income and losses, but it can be given only to self-employed borrowers.


When the lender processes and analyses the information about the borrower Wholesale Tiago Splitter Jersey , he determines the size of the loan, which he can give to the borrower. This size depends on the borrower's ability to repay the debt. When the borrower knows the amount of the possible loan he or she can negotiate the terms of the mortgage and its type (main types of the mortgage were described above). Then it comes time to open escrow, provide title report, credit report and the appraisal of the property ? in other words, to form mortgage package and send it to the lender Wholesale Sergio Rodriguez Jersey , which would finally determine to give a loan to the borrower or not.


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