Mortgage or Mortgage Related to Home Ownership
Everyone has his own dream home. When we talk about home, one important factor in owning a home is money!
If we do not have enough money, how can we own a house?
That's why we're going to talk about mortgage lending. Because mortgage loans can help us in buying a house. Let's find out what is a mortgage or mortgage loan?
Are mortgages and loans different?
In a housing mortgage, a home buyer promises his home to the bank. The bank has a claim on the house if the home buyer fails or fails to pay the mortgage. In the case of foreclosure, the bank can evict the tenant of the house and sell the house using the revenue from the sale to remove the mortgage debt.
With a fixed interest rate, the borrower pays the same interest rate for the loan term. The payment of the principal and monthly interest never change from the first mortgage payment to the last.
Most fixed-rate mortgages have a term of 15 to 30 years.
If the market interest rate rises, the borrower's payment does not change.
If the market interest rate drops significantly, the borrower may be able to guarantee a lower interest rate by doing mortgage refinancing. Fixed-rate mortgages are also called "traditional" mortgages. Mortgage loans allow us to pay for a house in installments.
After we apply for a mortgage, the mortgage lender will hold property ownership up to us, as the buyer can pay the mortgage.
But in the installment period, you can still occupy property that seems to belong to our own.
Mortgage objects, namely:
Transferable immovable and all its equipment.
The right to use the proceeds of the objects and all the equipment.
Coral reef rights and business rights.
Ground flower, whether paid with money or to be paid with the yield of the land.
Flowers as before.
Markets recognized by the government, along with their original rights, are attached to them.
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