Category Mortgages

Mortgage contract

Mortgage contract (contract mortgage) – a mortgage that arises under the contract on mortgage (pledge of real estate). The contract of mortgage is not an independent obligation, as is the securing of obligations under the loan agreement, credit agreement or other obligation. Mortgage by virtue of the law differs from mortgage arising under contract, only the fact that the first occurs by direct reference in the law and is registered automatically with other Treaty even without the statements of the parties, and mortgage into force of the Treaty shall be registered under a separate statement of the parties...
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Mortgage by virtue of the law

Mortgage by operation of law (legal mortgage) – a mortgage that occur when certain facts stated in the law, regardless of the will of the parties in relation to the occurrence of the mortgage, when the transfer of ownership of property from one person to another, or rather, if the acquisition of the right new owner, provided the occurrence of certain legal facts. Mortgage by virtue of the law occurs in the following five major and common cases: the Purchase of houses, apartments, land plots with the use of credit funds of a Bank or other credit organization or funds of the trust loan. The construction of houses, buildings, structures or apartments with a mortgage loan or another credit institution or funds of the trust loan. Sale on credit. The rent. The pledge of property rights.
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Mortgage brokerage

Mortgage brokerage services for the selection, design and obtaining mortgage loans. Mortgage brokerage deals prepared for this activity specialist mortgage broker. A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages.

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Features of mortgage loan

The loan is usually long term. The interest rate on a mortgage loan is usually lower than other types of loans, especially in case of low risk assessment, which, for example, may contribute to the low ratio of loan amount to the appraised value, liquidity and other reasons. Usually the Bank advances to the borrower of a mortgage loan less stringent requirements than other types of loans, however, the usual practice is to verify income, insurance claim mortgage, checking real estate appraisal accredited appraisers, sometimes checking of continuous work experience and other activities that enhance the security of the transaction. Repayment of a mortgage loan is often equal payments of the annuity...

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The origin of the term “mortgage”

The term “mortgage” (from the other Greek. ὑποθήκη) first appeared in Greece in the beginning of the VI century B.C. the Ancient Greeks refers to the form of liability of the debtor to the creditor of his land. On the border of the land of the borrower put the pillar with the inscription, which said that this land provides debt. This column was called “mortgage“, translated from the Greek means “backup“, “stand“. Although the security of land, as a way of ensuring the fulfillment of obligations, was known in I-III century.

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