Answer Posted / prasanna
1).A debt instrument, secured by the collateral of
specified real estate property, that the borrower is
obliged to pay back with a predetermined set of payments.
Mortgages are used by individuals and businesses wishing to
make large value purchases of real estate without paying
the entire value of the purchase up front.
Mortgages are also known as liens against property, or
claims on property.
2).In a residential mortgage, a homebuyer pledges his or
her house to the bank. The bank has a claim on the house
should the homebuyer default on paying his or her mortgage.
In the case of a foreclosure, the bank may evict the home's
tenants and sell the house, using the income from the sale
to clear the mortgage debt.
3).Debt instrument giving conditional ownership of an
asset, secured by the asset being financed. The borrower
gives the lender a mortgage in exchange for the right to
use the property while the mortgage is in effect, and
agrees to make regular payments of principal and interest.
The mortgage lien is the lender's security interest and is
recorded in title documents in public land records. The
lien is removed when the debt is paid in full. A mortgage
normally involves real estate and is a long-term debt,
normally 25 to 30 years, but can be written for much
shorter periods.
Originally written exclusively as fixed-rate fully
amortizing loans, mortgages have evolved into more flexible
contracts. Since the mid-1970s, the financial industry's
funding sources have become more volatile and market
sensitive, and legislation and regulation have relaxed the
prohibitions on alternative types of mortgage financing,
such as variable rate and adjustable rate mortgages. Recent
innovations in packaging of mortgage loans for resale in
the Secondary Mortgage Market to investors have helped to
create a national market for mortgage lending and a wide
variety of synthetic financial instruments, such as
theCollateralized Mortgage Obligation a multiclass security
consisting of several different mortgage backed bonds that
have payment characteristics quite different from the
mortgages securing the bonds.
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