Mortgage Loans     

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Mortgage Loans are loans that are made to purchase or refinance real estate and the loan is secured by the real estate property. If you make all your payments you will own the real estate some day and if you do not pay your monthly payments as agreed, you will probably loose your real estate and you will not own it after foreclosure.

The laws in our country allow for a lender to take your real estate as security to make sure you will pay the lender back the money you borrowed to buy your real estate. If everything goes as planned, you will make all the monthly payments on time and when the loan balance reaches zero, you will get a release of mortgage in the mail from your lender and you finally own your real estate free and clear.

Then again, if for some reason you cannot pay your monthly payments to your lender for the real estate you bought, you will probably get a notice of foreclosure in the mail and then the courts will decide if you owe the lender money, and if so, they will usually allow the lender to take possession of his collateral, which is your real estate. In the current economy, we are seeing a lot of people loosing their real estate for non payment of their debt.

The courts are allowing the lenders to come in and foreclose the real estate mortgages that the lenders have in file and make the occupants leave their property. Not all mortgage loans get foreclosed, and actually only a very small percentage of real estate loans go through the foreclosure process. Most people buy their homes with a mortgage loan and then make their payments as planned and usually repay the lender in full by the due date of their loan.

Mortgage loans have opened up the way we can buy real estate and homes in our country because it allows us to put a little down payment into the deal while borrowing the majority of the money so we can leverage our way into the real estate. If we are lucky and the property goes up in value, we may make a profit if we sell the real estate. If the value has gone down, like in many parts of our country today, you could see that you owe more than what you have borrowed. Ouch!

Mortgage loans are good for all the parties involved in real estate. It is good for the lenders because they believe they will have someone living in the home that will take care of the home and repay the loan as planned. It is good for the buyer because most people want to buy and live in their own home. We all want to feel that we are working for something and at the end of the day, we will have something to show for it.

With the economy slowing down today, the interest rates on mortgage loans are at a historical low and now may be a great time to think about buying or refinancing your mortgage loan. With lower interest rates, more money will go toward paying down your principal amount each month than before with a higher rate.

 

 

 

 

 

 

 

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