Hipotecas

 
 Mortagages
 
The goal of buying a house or improving someone current house it not easy to achieve. Nowadays houses or building material prices are very high and people can’t afford them.Securing a mortgage is the solution for those who can meet the requirements.
A mortgage is a long term loan, which a borrower obtains from a bank, thrift, independent mortgage broker or credit union, secured by real property through the use of a document which evidences the existence of the loan and the encumbrance (1) of that realty through the granting of a mortgage which secures the loan. That isto say, that, for example, the house bought with the loan and the land it occupies serve as collateral for the loan. This means that the borrower agrees to forfeit his interest in the property to thelender if he is unable to repay the loan on the agreed upon terms.
When securing a mortgage there are several parties involved.
·         Buyer or Borrower: is the one who is going to purchase ahouse and takes out a mortgage. The borrower is obligated to repay the loan over time ith interest. The property he buys with the money borrowed is the collateral for the loan.
·         Seller: theperson or entity offering a property for sale. If a property is going to be paid with money from a mortgage loan has to meet a number of requirements which are set by th mortgage lender.
·         TitleInsurer: specialist who examines and insures that the title to the property is clear of encumbrances and reviews legal documents related to the sale.
·         Appraiser: objective third partycontracted to provide property value assesments. The value of a house will vary according the size, the location, etc.
·         Mortgage lender: entitys that are licensed to lend money to prospectiveborrowers. There are many mortage lenders such as: Commercial banks, mortgages brokers, credir unions, etc.
·         credit reporting agency: agencies that collect information about people credit...