FIN 502 Study Guide - Mortgage Loan, Down Payment, Direct Market
Document Summary
Mortgager the person who gives the security to obtain the loan i. e homeowner. Mortgagee- the lender who receives the title to the property until the debt is fully paid. First mortgage the original mortgage on a property- where the conveyance of the title is involved. Second mortgage - as the mortgager pays down the debt, the equity of redemption is built up and can then be used as collateral. When interest rates fall, more of your set monthly payment goes toward paying off your mortgage principal and less toward interest. Saving up for a down payment: estimate the amount of mortgage that you can get based on your expected gross income, the current gds ratio (approx. Other sources of financing / mortgages: if one wants to borrow more than what is allowed by the constraints of the. Seller financing in essence the seller acts as the lender to the buyer, the seller offer the buyer a mortgage/ loan the buyer.
