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Mortgage

Mortgage

A mortgage is a loan that is secured by a property/house and is paid in installments over a set period of time. For buying homes, mortgage loans are used almost always around the world, only in rare cases are cash or other forms of credit used for payment. The word mortgage comes from a Law French term meaning ''dead pledge.'' This means the pledge ends when the obligation is fulfilled, or the property is taken through foreclosure.

Top Questions Asked on ChaCha.com for Mortgage

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  1. What is the difference between a mortgage and a house payment?

    There is no difference, they are the same thing. Cha Cha on!

  2. What is an adjustable-rate mortgage?

    A mortgage is a loan to finance the purchase of real estate, ...

  3. What are some examples of national fiscal policies that can affect mortgage rates, housing starts, and housing prices?

    In the US: 1. The $8,000/$6,500 tax credit that recently expi...

  4. What would be the monthly payment on a $140,000 30 year fixed mortgage at 4% interest?

    The monthly payment on a $140,000 loan with a 30 year fixed r...

  5. What are the payments on a 600,000 mortgage at 5 % interest for 30 years?

    Monthly payments on a $600,000 mortgage with 5% interest rate...

  1. What are some examples of national fiscal policies that can affect mortgage rates, housing starts, and housing prices?

    In the US: 1. The $8,000/$6,500 tax credit that recently expi...

  2. Why might a consumer choose an adjustable rate mortgage over a fixed rate mortgage?

    An adjustable rate mortgage, called an ARM for short, offers ...

  3. What type of mortgage loan has a fixed rate, fixed term and fixed payment?

    A Conventional Loan has a fixed rate and fixed payment. ChaCh...

  4. What is a mortgage used to purchase?

    A mortgage is a type of loan used to purchase property. In or...

  5. What are the payments on a 600,000 mortgage at 5 % interest for 30 years?

    Monthly payments on a $600,000 mortgage with 5% interest rate...

  1. How much would the monthly payments be on a mortgage of 100k?

    The monthly payments will depend on the interest rate, the do...

  2. What are some examples of national fiscal policies that can affect mortgage rates, housing starts, and housing prices?

    In the US: 1. The $8,000/$6,500 tax credit that recently expi...

  3. What would be mortgage monthly payments for a, 168000, Loan at 5. 5 % interest?

    It will depend on your length of mortgage. If it is a 30 year...

  4. What does emc stand for in emc mortgage?

    You can contact EMC Mortgage Corp at (800) 695-7695 for non-m...

  5. What type of mortgage loan has a fixed rate, fixed term and fixed payment?

    A Conventional Loan has a fixed rate and fixed payment. ChaCh...

Top Questions Asked on ChaCha Mobile for Mortgage

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  1. What is a mortgage on a home?

    A form of debt in which one can own property by paying the en...

  2. What is the difference between a mortgage interest rate and a APR?

    APR determines the percentage of interest one pays to the len...

  3. What is a mortgage broker?

    A 'mortgage broker' is a person or organisation offering to o...

  4. What is the mortgage relief bill?

    A bill meant to help homeowners caught up in the spreading mo...

  5. What does subprime mean in the mortgage industry?

    Subprime lending lends to those who do not qualify for 'prime...

  1. What is the average payment on a 125000 mortgage?

    The payment depends on the amount of interest and how much yo...

  2. How does reverse compounding work for a mortgage?

    Reverse compounding is when you pay extra on your mortgage ea...

  3. What is a mortgage on a home?

    A form of debt in which one can own property by paying the en...

  4. What is mortgage insurance?

    Mortgage insurance is policy that provides protection for the...

  5. What is the definition of fixed rate mortgage?

    Fixed-rate mortgage is a home loan in which the interest rate...

  1. What is a mortgage on a home?

    A form of debt in which one can own property by paying the en...

  2. What does subprime mean in the mortgage industry?

    Subprime lending lends to those who do not qualify for 'prime...

  3. What is todays' mortgage rate?

    Today's rates on a traditional 30 year mortgage is 5.06 %. Th...

  4. What is the phone number for GMAC Mortgage?

    GMAC Mortgage Customer Service 1.800.766.4622. Thanks for Cha...

  5. How many months on a 30 year mortgage loan?

    A thirty year mortgage loan would break down your payments in...

About Mortgage

For most people, a mortgage is the largest and most serious financial commitment we will ever make. A home buyer can obtain a mortgage loan through a financial institution. There are different variables in a mortgage loan, such as the amount of the loan, maturity, interest rate, method of payment and more.

Most mortgages have a 30 year term, which means that the total amount needs to be paid off in 30 years. The mortgage is paid in equal amounts each month until the mortgage balance is at zero, at which point you have full ownership of the property. Even though a 30 year mortgage is the most common form, there are also 15, 20 and even 50 year loans.

An adjustable rate mortgage is a loan with a variable interest rate that can change throughout the term of the loan. A fixed-rate mortgage is a loan in which the interest rate doesn't change during the entire duration of the loan.

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