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Mortgage & Refinancing Information |
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Understanding Mortgage Basics
As common as mortgages are, there are a surprisingly large number of us who are under false impressions about the way they function, and what they actually are. For one thing, though we do commonly call mortgages "home loans," this is not at all what they actually are. In fact, mortgages aren't loans at all, nor are they something that have been given to you by lenders. More accurately, it is a security instrument that you have provided to a lender. It is a document that protects your lender's interest with your property itself. A mortgage functions in the following way: - A mortgager (you) - also referred to as a borrower (leading to the false impression that it is a home loan) and the mortgagee, who is also called the lender (again, falsely leading you to think that a loan has been lent). - The mortgage document itself produces a lien on your property. This is the collateral - the security - for the mortgagee who has provided the security instrument. This lien is recorded within public records - likely at a county courthouse or similar establishment. - Ownership of the property is then yours and cannot be transferred to anyone else until you have paid off the amount required to reverse the lien. - Even if your property is mortgaged, you still own the property wholly and completely. Nobody else, not even the mortgagee has title to the property. - The only right that your mortgage gives to the mortgagee over your property is to sell it to recover funds in the case that you do not pay off your debt. This is the dreaded process referred to as foreclosure. - Should the mortgage be used for security, then the foreclosure must progress through the court system in order to be legal in the majority of circumstances. This type of foreclosure is referred to as a judicial foreclosure. Obviously there is much more to mortgages than this, but these are the basic foundations upon which the mortgaging system has been constructed. Dave Gonzalez
MORE RESOURCES:
How to refinance your mortgage and save money every month Business Insider Where Are Homeowners Successfully Refinancing? The New York Times Mortgage rates settle after an up-and-down week The Washington Post How to know when to refinance your mortgage KIIITV.com Mortgage rates rise on better-than-expected employment report Washington Post Detroit-based mortgage giant Quicken Loans on pace to set home loan record Detroit Free Press Mortgage rates today, December 10, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 11, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates move higher on encouraging trade developments The Washington Post Mortgage rates fall to lowest level in six weeks The Washington Post 10 Housing and Mortgage Trends for 2020 NerdWallet What Is a Balloon Payment for a Loan? Yahoo Finance Should you refinance? The answer always boils down to money The Daily Herald Mortgage credit standards are loosening, it may be easier to get a loan The Mortgage Reports Millennial mortgage refinances continue ascent National Mortgage News Experts predict where mortgage interest rates land in 2020 The Dallas Morning News Ask a mortgage expert: Tips about credit score, down payment, refinancing and more Reno Gazette Journal Refinance to get ahead of debt FOX 31 Denver Mortgage rates today, December 5, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 9, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 12, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 4, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 29, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Here are the best and worst states to refinance Yahoo Finance Mortgage rates today, November 12, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Housing Market Gets a Boost From Strong Jobs Market Pro Tool Reviews Mortgage rates today, November 22, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports St. Anne’s names new mortgage specialist Wicked Local Wayland Mortgage rates today, November 21, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports SHERI BISTREICH: Is this a good time to refinance your mortgage? Statesville Record & Landmark Mortgage Interest Rates Forecast NerdWallet Refi boomlet pushed October's mortgage prepays to six-year high National Mortgage News Mortgage rates today, November 15, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Is now a good time to consider home loan refinancing? Newton Daily News Paying off your mortgage vs. investing: Here's what could save you the most | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports HELOC alternative Hometap raises $100M in new capital National Mortgage News Refinance or not? Getting a better deal isn't a slam dunk, but low rates offer compelling choices AZCentral TRANSACTIONS: GCP Capital Group arranges $66450000 of financing Real Estate Weekly Expanding Alternative Mortgage Options Jewish Link of New Jersey Mondrian Park Ave. Hotel gets $135M in refinancing Real Estate Weekly How long does it take to refinance a mortgage? Bankrate.com Everyone is Still Refinancing; FHA Refis at 3 Year High; Rates Fall After Fed; Realtors Forecasts Appraisal Buzz FBC Mortgage Named Title Sponsor Of Cure Bowl SportsLogos.Net News FHA Mortgage Insurance Rates To Hold Steady in 2020 The Mortgage Reports 5 common myths about refinancing your mortgage Bankrate.com What to know before refinancing your home loan The Washington Post Good time to refinance your mortgage? Fox Business Sims Mortgage refinancing cuts SNF interest rate by 60% - Products McKnight's Long Term Care News What Is Mortgage Refinancing? Motley Fool Lowest Mortgage Rates in 2 Weeks Mortgage News Daily Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan MarketWatch Refinancing my mortgage lowered my monthly payment by $200, but I wish I'd known 5 things beforehand Business Insider Refinance mortgage rate moves higher for Monday Bankrate.com Mortgage credit eases in November, MBA says HousingWire Nearly 6 Million People Are Eligible To Save Money With Mortgage Refinance, Report Finds Bankrate.com Mortgage sector on its longest winning streak since the end of 2017 National Mortgage News Refinance mortgage rate falls for Thursday Bankrate.com Who wins and who loses in a housing shortage crisis | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Refinance mortgage rates mixed for Wednesday Bankrate.com |
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