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Chapter 13 Buying a Home and mortgage Financing.docx

3 Pages
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Department
Finance
Course Code
FIN 502
Professor
Ida Berger

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Description
Chapter13BuyingaHomeandmortgageFinancingMortgage financingoHome Mortgages real estate loan with equal monthly paymentsoMortgagethe transfer of an interest in property to a creditor as security for payment of a debt with the right of redemption by the borrower upon repayment of the debt ie bank owns the title until you pay it offMortgagerthe person who gives the security to obtain the loan ie homeownerMortgagee the lender who receives the title to the property until the debt is fully paidFirst mortgagethe original mortgage on a property where the conveyance of the title is involvedSecond mortgageas the mortgager pays down the debt the equity of redemption is built up and can then be used as collateralConcepts and terminology oPrincipleamount borrowedoInterestprice paid by borrower to the lender for the use of the lenders money oAmortization gradual retirement of a debt by the means of partial payments of the principle at regular intervals oAmortization periodthe time period required to retire completely a debt thorough scheduled payments of principleoBlended payments
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