Mortgages Guide 101
By Mansi Aggarwal
Mortgage is an age-old phenomenon. Mortgage refers to the method by which individuals or businesses can buy residential or commercial property without paying the full value upfront. The borrower or the mortgager uses a mortgage to pledge real property to the lender or mortgages as security against the debt for the rest of the value of the property.
In most jurisdictions mortgages are closely associated with loans secured on real estate rather than property such as ships, vessels etc. while at some places only land can be mortgaged. Arranging a mortgage is seen as the standard method by which people can purchase residential or commercial real estate without the need to pay the full value at that very time.
In several countries home purchase being funded by a mortgage is very common and normal. Moreover in countries such as Great Britain, Spain, United States of America etc. where the demand for homeownership is highest, strong domestic markets have developed.
Basically there are two types of legal mortgage:
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