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ates
# Alameda California Refinance
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Copyright ©1999-2007 ERATE · All rights reserved · California Dept of Real Estate · Real Estate Broker #01292265 · DRE Phone (916) 227-093
tting Started

1. Guidelines to Mortgage Refinancing
2. Why Refinance Mortgage?
3. Would Refinancing Make Sense for you?
4. Refinancing: 3 Common Types Refinancings
5. Refinancing: Four Mistakes to Avoid
6. Mortgage Refinancing Closing Costs Explained
7. Potential Tax Benefits
8. Mortgage Refinancing Calculator
9. Verify Your Credit Rating
10. Loan Documentation - Mortgage Refinancing
11. Refinancing FAQs
12. Appraisal when Refinancing
13. Refinancing - Non Owner vs Owner Occupied
14. Home Owners Litigation - Refinancing
15. Wikipedia on Refinancing



Refinancing your home provides some flexibility for your unique needs. Ideally, refinancing allows you and your family breathing room with monthly bills, or even provides extra income for necessary expenses. But refinancing can be complicated and costly. Before undertaking the process, borrowers should carefully examine their financial situation, and their reasons for refinancing.....(read the entire aritcle)


Refinancing Mortgage Rates

* Alabama - 30 year fixed
* Alaska - 30 Year Fixed
* Arizona - 30 year fixed
* Arkansas - 30 year fixed
* Colorado - 30 year fixed
* Connecticut - 30 year fixed
* Delaware - 30 year fixed
* Florida - 30 year fixed
* Georgia - 30 year fixed
* Hawaii - 30 year fixed
* Idaho - 30 year fixed
* Illinois - 30 year fixed
* Indiana - 30 year fixed
* Iowa - 30 year fixed
* Kansas - 30 year fixed
* Kentucky - 30 year fixed




Selecting a Mortgage

1. Mortgage Program Options
2. Interest Only Mortgage
3. 100% Mortgage Financing - No Down Payment
4. Mortgage Rates Comparison
5. Mortgage Rates Tracker
6. Search for Mortgage Rates
7. No Costs Mortgage Refinancing
8. 2% Rule - Refinancing Mortgage
9. Yield Spread Premium
10. Zero Costs Mortgage Refinancing
11. Prepayment Penalty - Mortgage Refinancing
12. What is APR and how is it calculated?
13. Private Mortgage Insurance - Refinancing



Interest Only Loans have Risks:
The explosion in home appreciation rates over the last five years has been a real boon to homeowners and an increasing challenge to home buyers, especially first time home buyers. One of the by-products of this phenomenon has been a collection of “exotic” mortgage packages, one of which is the interest-only loan....(read the entire article)


Refinancing Mortgage Rates

* Louisiana - 30 year fixed
* Maine - 30 year fixed
* Maryland - 30 year fixed
* Massachusetts - 30 year fixed
* Michigan - 30 year fixed
* Minnesota - 30 year fixed
* Mississippi - 30 year fixed
* Missouri - 30 year fixed
* Montana - 30 year fixed
* Nebraska - 30 year fixed
* Nevada - 30 year fixed
* New Hampshire - 30 year fixed
* New Jersey - 30 year fixed
* New Mexico - 30 year fixed
* New York - 30 year fixed
* North Carolina - 30 year fixed




Moving Ahead With Your Refinance

1. Apply for a Mortgage
2. Is it best to pay points up front to reduce the interest rate?
3. Rate Lock info - Refinancing Mortgage
4. Refinancing Mortgage Tax Information
5. Should you pre-pay your mortgage?
6. Title Insurance for Mortgage Refinancing
7. Homeowner's Insurance
8. Earthquake Insurance - Refinancing Mortgage

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Refinancing Mortgage Rates

* North Dakota - 30 year fixed
* Ohio - 30 year fixed
* Oklahoma - 30 year fixed
* Oregon - 30 year fixed
* Pennsylvania - 30 year fixed
* Rhode Island - 30 year fixed
* South Carolina - 30 year fixed
* South Dakota - 30 year fixed
* Tennessee - 30 year fixed
* Texas - 30 year fixed
* Utah - 30 year fixed
* Vermont - 30 year fixed
* Virginia - 30 year fixed
* Washington - 30 year fixed
* Washington DC - 30 year fixed
* West Virginia - 30 year fixed
* Wisconsin - 30 year fixed
* Wyoming - 30 year fixed

The First! In 1992, our founding company, LoanWorld, originated the first mortgage over the Internet.
Then in 1994 we created the first online loan application.
Refinancing

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* Fixed Rate Mortgages Fixed Rate Mortgage Survey and Info
* Fixed Rates: 30 Year, 20 Year, 15 Years
* 5/25 Balloon Mortgages
* 7/23 Balloon Mortgages


Adjustable Rate Mortgages


* Interest Only Mortgages Interest Only Mortgage
* Fixed Rate Interest Only Mortgages
* Interest Only Commentary
* Interest Only Loans and their Risks
* Interest Only - Leverage Debt

* Adjustable Rate Mortgage
* COFI Index
* LIBOR Index
* Option Arm



* 10 Year Arm
* 7 Year Arm
* 5 Year Arm
* 3 Year Arm
* 1 Year Arm

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Rates/Facts by State

* Alabama
* Alaska
* Arizona
* Arkansas
* California
* Colorado
* Connecticut
* Delaware
* Florida



* Georgia
* Hawaii
* Idaho
* Illinois
* Indiana
* Iowa
* Kansas
* Kentucky
* Louisiana



* Maine
* Maryland
* Massachusetts
* Michigan
* Minnesota
* Mississippi
* Missouri
* Montana
* Nebraska



* Nevada
* New Hampshire
* New Jersey
* New Mexico
* New York
* North Carolina
* North Dakota
* Ohio



* Okalahoma
* Oregon
* Pennsylvania
* Rhode Island
* South Carolina
* South Dakota
* Tennessee
* Texas
* Utah



* Vermont
* Virginia
* Washington
* West Virginia
* Wisconsin
* Wyoming

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ESPANOL | REFINANCE | HOME EQUITY | LOAN TOOLS | FHA | INTEREST ONLY | RATE QUOTE | LINKS | SITE MAP
Copyright ©1999-2007 ERATE · All rights reserved · California Dept of Real Estate · Real Estate Broker #01292265 · DRE Phone (916) 227-0931
ERATE · 2900 Gordon Ave · Santa Clara · CA · 95051
Name



Rate

Points

APR

Fees

Lock
(Days)

Last
Update
ebank Mortgage 6.000% 0.000 6.064% $1375 30 Sep 8 2007
Pentagon Federal Credit Union 6.375% 0.250 6.399% $0 60 Sep 7 2007
Absolute Mortgage Services 6.250% 0.000 6.293% $900 30 Sep 6 2007
Amerisave 6.250% 0.000 6.332% $1727 30 Sep 6 2007
Amerisave 6.250% 0.000 6.332% $1727 30 Sep 6 2007
E-LOAN.com 6.625% 0.156 6.691% $410 30 Sep 6 2007
Sourcing Informa Research Services, Inc.

The rate information on this page is provided by © 2007 Informa Research Services, Inc., and was last updated 9/8/2007 11:54:38 PM. This information has been obtained from various financial institutions, and Informa Research Services cannot guarantee its accuracy. The information includes financial product data that was in the Informa Research Services database at the time of publication, and may not reflect all of the products available in your region. Before acting on the information shown on this page, contact the financial institution to verify the accuracy of the data.

Disclaimer
Fixed Rate/Adjustable Rate Conforming
Rates and fees are quoted on a $200,000 loan for a purchase transaction
of an owner occupied, single-family residence with an 80% loan-to-value ratio.
Rates are subject to change without notice.

Fixed Rate/Adjustable Rate Jumbo
Rates and fees are quoted on a $450,000 loan for a purchase transaction
of an owner occupied, single-family residence with an 80% loan-to-value ratio.
Rates are subject to change without notice.


Conforming Mortgage Rates Jumbo Mortgage Rates
30 Years Fixed Rate 30 Years Fixed Rate
15 Years Fixed Rate 15 Years Fixed Rate
5/1 Adjustable Rate Mortgage 5/1 Adjustable Rate Mortgage
3/1 Adjustable Rate Mortgage 3/1 Adjustable Rate Mortgage
One Year Adjustable Rate Mortgage One Year Adjustable Rate Mortgage

Alabama Facts

Alabama is located in the Southern United States. It received its name from the Alabama River. The state is also known as the Yellowhammer State. As of 2005, Alabama has an estimated population of 4,557,808, which is an increase of 32,433, or 0.7%, from the prior year and an increase of 110,457, or 2.5%, since the year 2000. Montgomery is the capital and Birmingham is the largest city of the state. Alabama has short mild winters and long warm summers.



Average January temperatures range from about 57 F at Mobile to about 44 F at Birmingham. July averages are in the low 80s F at Mobile and at Birmingham. Most rainfall occurs in winter and early spring but hurricanes sometimes occur in summer can threaten the costal areas. Alabama's major manufacturings include paper, chemicals, rubber and plastics, apparel and textiles, primary metals, and automobile. The state also produces aerospace and electronic products centering around the Huntsville area. Mobile is a busy seaport on the Gulf of Mexico. It is also an important center for the manufacture of paper products and chemicals. Birmingham is a leading banking center and it is noted for its well-developed medical research center as well

Alabama Home Sale Report
July 2006

Area


Units Sold


Avg. Selling Price




July 05


July 06


% Chge


July 05


July 06


% Chge

Baldwin


583


232


-60.2%


$319,413


$287,652


-9.9%

Birmingham


1478


1718


16.2


195,213


201,624


3.3

Calhoun County


128


108


-15.6


133,265


138,793


4.1

Covington


35


34


-2.9


81,022


118,600


46.4

Cullman


80


80


0.0


140,169


137,498


-1.9

Dothan


107


127


18.7


135,708


143,907


6.0

Gadsden


86


63


-26.7


136,732


120,048


-12.2

Huntsville


973


983


1.0


161,329


171,241


6.1

Jackson County


27


24


-11.1


109,905


132,584


20.6

Lake Martin


44


50


13.6


238,245


300,699


26.2

Lee County


183


208


13.7


190,268


203,669


7.0

Marshall County


91


91


0


156,845


143,149


8.7

Mobile


600


471


-21.5


165,863


159,483


3.8

Monroe County


13


14


7.7


80,462


96,448


19.9

Montgomery


604


561


-7.1


157,593


177,897


12.9

Muscle Shoals


134


143


6.7


125,458


127,549


1.7

Phenix City


132


0


N/A


114,043


0


N/A

Selma


16


17


6.25


95,000


139,000


46.3

Tuscaloosa


195


209


7.2


159,375


160,215


0.5

Walker County


39


29


-25.6


124,810


106,424


-14.7

Wiregrass


116


101


-12.9


118,400


140,386


18.6

Statewide


5664


5260


-7.1


149,482


152,708


2.2

Data Source: Alabama Association of Realtors


aii Facts

Hawaii is the only island state and the southernmost state in the United States. It is situated in the North Pacific Ocean and composed of composed of eight main islands and 124 islets, reefs, and shoals. As of 2005, Hawaii has an estimated population of 1,275,194, which is an increase of 13,070, or 1.0%, from the prior year and an increase of 63,657, or 5.3%, since the year 2000. Honolulu is the capital and largest city of Hawaii.

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Hawaii has a tropical climate. Summer average temperatures range between 72 and 79 F throughout the year at low elevations, and winter temperatures (at low elevation) seldom dipping below the mid 60s F. Precipitation varies greatly from place to place. The windward side of the islands receives much more rainfall than the leeward side does. Snow is not common but falls at high elevations on Mauna Kea and Mauna Loa in some winter months.

Tourism is the leading industry in Hawaii. Oahu is by far the most heavily visited island. Visitors mostly come from the mainland, Canada and Japan. Sugarcane and pineapples are the major agricultural products of the state. Other important crops include macadamia nuts, papayas, greenhouse vegetables, and coffee. The processing of agricultural products is an important industry in Hawaii. The fruit crop can be canned, frozen, or made into juices, jams, and jellies for sale in the mainland.

Hawaii > Refinance Rates > 30 Year Fixed Conforming
Programs:

Points:

Display:
| 1 |
Institution
Name



Rate

Points

APR

Fees

Lock
(Days)

Last
Update
ebank Mortgage 6.000% 0.000 6.064% $1375 30 Sep 8 2007
Hawaii Mortgage Company Inc 6.375% 0.000 6.919% $885 30 Sep 7 2007
NFS Loans 6.125% 0.000 6.299% $1750 30 Sep 7 2007
American Interbanc Mortgage 6.000% 0.250 6.297% $999 30 Sep 6 2007
Guaranteed Rate 6.375% 0.000 6.423% $995 30 Sep 6 2007
E-LOAN.com 6.625% 0.156 6.691% $410 30 Sep 6 2007
Sourcing Informa Research Services, Inc.

The rate information on this page is provided by © 2007 Informa Research Services, Inc., and was last updated 9/8/2007 11:55:37 PM. This information has been obtained from various financial institutions, and Informa Research Services cannot guarantee its accuracy. The information includes financial product data that was in the Informa Research Services database at the time of publication, and may not reflect all of the products available in your region. Before acting on the information shown on this page, contact the financial institution to verify the accuracy of the data.

Disclaimer
Fixed Rate/Adjustable Rate Conforming
Rates and fees are quoted on a $200,000 loan for a purchase transaction
of an owner occupied, single-family residence with an 80% loan-to-value ratio.
Rates are subject to change without notice.

Fixed Rate/Adjustable Rate Jumbo
Rates and fees are quoted on a $450,000 loan for a purchase transaction
of an owner occupied, single-family residence with an 80% loan-to-value ratio.
Rates are subject to change without notice.


Conforming Mortgage Rates Jumbo Mortgage Rates
30 Years Fixed Rate 30 Years Fixed Rate
15 Years Fixed Rate 15 Years Fixed Rate
5/1 Adjustable Rate Mortgage 5/1 Adjustable Rate Mortgage
3/1 Adjustable Rate Mortgage 3/1 Adjustable Rate Mortgage
One Year Adjustable Rate Mortgage One Year Adjustable Rate Mortgage
The First! In 1992, our founding company, LoanWorld, originated the first mortgage over the Internet.
Then in 1994 we created the first online loan application.
Refinancing

Home Equity

Auto Loans

Student Loans

Mortgage Tools

Tax Info
Loan Programs

* Fixed Rate Mortgages Fixed Rate Mortgage Survey and Info
* Fixed Rates: 30 Year, 20 Year, 15 Years
* 5/25 Balloon Mortgages
* 7/23 Balloon Mortgages


Adjustable Rate Mortgages


* Interest Only Mortgages Interest Only Mortgage
* Fixed Rate Interest Only Mortgages
* Interest Only Commentary
* Interest Only Loans and their Risks
* Interest Only - Leverage Debt

* Adjustable Rate Mortgage
* COFI Index
* LIBOR Index
* Option Arm



* 10 Year Arm
* 7 Year Arm
* 5 Year Arm
* 3 Year Arm
* 1 Year Arm

Get Competing Quotes Now
Rates/Facts by State

* Alabama
* Alaska
* Arizona
* Arkansas
* California
* Colorado
* Connecticut
* Delaware
* Florida



* Georgia
* Hawaii
* Idaho
* Illinois
* Indiana
* Iowa
* Kansas
* Kentucky
* Louisiana



* Maine
* Maryland
* Massachusetts
* Michigan
* Minnesota
* Mississippi
* Missouri
* Montana
* Nebraska



* Nevada
* New Hampshire
* New Jersey
* New Mexico
* New York
* North Carolina
* North Dakota
* Ohio



* Okalahoma
* Oregon
* Pennsylvania
* Rhode Island
* South Carolina
* South Dakota
* Tennessee
* Texas
* Utah



* Vermont
* Virginia
* Washington
* West Virginia
* Wisconsin
* Wyoming

No Closing Cost Mortgage

Home Purchase Loans

Money Advice

Rates by City

Additional Info
Fannie Mae & Freddie Mac Today

Retirement

Student Loans

Bi-Weekly Mortgage

Identity Theft

BBBOnLine Reliability Seal Click to Verify - This site has chosen a VeriSign SSL Certificate to improve Web site security
Equal Housing Lender
Freddie Mac
Fannie Mae

ESPANOL | REFINANCE | HOME EQUITY | LOAN TOOLS | FHA | INTEREST ONLY | RATE QUOTE | LINKS | SITE MAP
Copyright ©1999-2007 ERATE · All rights reserved · California Dept of Real Estate · Real Estate Broker #01292265 · DRE Phone (916) 227-0931
ERATE · 2900 Gordon Ave · Santa Clara · CA · 95051

mortgage refinancing

Ohio Cuts Refinancing Program That Came Too Late: Bloomberg TV Ohio Cuts Refinancing Program That Came Too Late: Bloomberg TV
Ohio Cuts Refinancing Program That Came Too Late: Bloomberg TV
Ohio, the state with the third-largest number of foreclosures, cut a $100 million mortgage refinancing program because the rescue plan may have come too late for most homeowners. The Ohio...
Bloomberg, 8/9/07· Save · More Like This

Is Mortgage Refinancing Right For You? Is Mortgage Refinancing Right For You?
Is Mortgage Refinancing Right For You?
Mortgage refinancing has become very easy to do and there are many advantages. There are also some tax benefits. For more information visit http://www.mountaintopmtg.net/mortgage-refinancing.htm
iFilm, 9/2/07· Save · More Like This



Article Results (Showing 1 - 10 of 1743) About

On the House | Mortgage refinancing boom may be on horizon
keepmedia Brace yourself, my friends. A mortgage-refinancing boom could be around the corner. That's ...
Philadelphia Inquirer, The, 3/18/07 by Al Heavens Inquirer Columnist · More from publication · Save
$72M refinancing for Manhattan multi-family
Meridian Capital Group recently arranged $72,280,000 for the refinancing of a 19-building multifamily portfolio in Manhattan totaling 946 units. Avi ...
Real Estate Weekly, 1/3/07 · More from publication · Save
Palisades Financial, through its Palisades Regional Investment Fund , announced the closing of a $2M transaction on behalf of 204 Shore, LLC, for the refinancing
Palisades Financial, through its Palisades Regional Investment Fund (PRIF II), announced the closing of a $2M transaction on behalf of 204 Shore, LLC, ...
Real Estate Weekly, 1/3/07 · More from publication · Save
Adopting Restatement Mortgage Subrogation Principles: Saving Billions of Dollars for Refinancing Homeowners
I. INTRODUCTION In eras of declining interest rates, millions of residential mortgage loans may be refinanced. When this occurs, it is customary for the refinancing lender to require a title examina
Brigham Young University Law Review, 3/1/06 by Nelson, Grant S · More from publication · Save
Mortgage refinancing push feared in reforms.
highbeam Byline: Catie Low Dec 28, 2005 (The West Australian - ABIX via COMTEX) -- There are concerns stamp duty changes for existing mortgages ...
Australasian Business Intelligence, 12/28/05 · More from publication · Save
Mortgage refinancing now makes sense for NY co-ops
The past two years have ushered in a "golden age" for the mortgage refinance industry, primarily driven by steadily falling mortgage interest rates, ...
Real Estate Weekly, 6/11/03 by Edward III Howe · More from publication · Save
You Can Cut Your Housing Costs - mortgage refinancing - Brief Article
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Refinancing
From Wikipedia, the free encyclopedia
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Refinancing refers to applying for a secured loan intended to replace an existing loan secured by the same assets. The most common consumer refinancing is for a home mortgage.
Contents
[hide]

* 1 Advantages
* 2 Risks
* 3 Points
o 3.1 Types
* 4 References
* 5 External links

[edit] Advantages

Refinancing may be undertaken to reduce interest costs (by refinancing at a lower rate), to pay off other debts, to reduce one's periodic payment obligations (sometimes by taking a longer-term loan), to reduce risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to liquidate some or all of the equity that has accumulated in real property during the tenure of ownership.

In essence, refinancing a mortgage or other type of loan can lower the monthly payments owed on the loan either by changing the loan to a lower interest rate, or by extending the period of loan, so as to spread the re-payment out over a long period of time. The money saved can be used to pay down the principal of the loan, thus further reducing payments. Alternately, refinancing can be used to transform available equity in one's house into ready cash, available for other purposes or expenses.[1]

Another use of refinancing is to reduce the risk associated with an existing loan. Interest rates on adjustable-rate loans and mortgages shift up and down based on the movements of the various prime rates used to calculate them. By refinancing an adjustable-rate mortgage into a fixed-rate one, the risk of interest rates increasing dramatically is removed, thus ensuring a steady interest rate over time.

Refinancing a loan or a series of debts can assist in paying off high-interest debt such as credit card debt, with lower-interest debt such as that of a fixed-rate home mortgage. The net savings between the two interest rates can then be applied either towards further paying down the debt, or other purposes. In addition, non-tax deductible debt, such as credit card or car loan debt, can be transformed into tax-deductible debt such as home mortgage debt, potentially lowering one's taxes or shifting one into a more advantageous tax bracket. This type of arrangement is often associated with a Cash-Out Refinance. [2]

[edit] Risks

Certain types of loans contain penalty clauses triggered by an early payment of the loan, either in its entirety or a specified portion. In addition, there are also closing and transaction fees typically associated with refinancing a loan or mortgage. In some cases, these fees may outweigh any savings generated through refinancing the loan itself. Typically, one should only consider refinancing if one stands to save a substantial amount of money from doing so, either in the short or long-term, or if there is a need to extend the loan in order to pay for unexpected costs such as medical expenses.

In addition some refinanced loans, while having lower initial payments, may result in larger total interest costs over the life of the loan, or expose the borrower to greater risks than the existing loan, depending on the type of loan used to refinance the existing debt. Calculating the up-front, ongoing, and potentially variable costs of refinancing is an important part of the decision on whether or not to refinance.

[edit] Points

Main article: Point (mortgage)

Refinancing lenders often require an upfront payment of a certain percentage of the total loan amount as part of the process of refinancing debt. Typically, this amount is expressed in "points" (also sometimes called "premiums"), with each "point" being equivalent to 1% of the total loan amount. Therefore, if the refinance option selected involves paying three points, then the borrower will need to pay 3% of the total loan amount upfront. Most refinancing lenders offer a variety of combinations points and interest rates. Paying more points typically allows one to get a lower interest rate than one would be capable of getting if one paid fewer or no points. Alternately, some lenders will offer to finance parts of the loan themselves, thus generating so-called "Negative points" (also called discounts).

The decision of whether or not to pay points, and how many points to pay, should be taken in consideration of the fact that with points, one tends to trade a higher upfront cost in exchange for a lower monthly premium later on. Points can be paid out of the cash saved by refinancing the loan in the first place.

[edit] Types

No-Closing Cost refinances: This refinance option reduces greatly upfront fees. You will pay few upfront fees to get your new mortgage loan. In fact as long as the prevailing market rate is lower than your existing rate by 1.5 percentage point or more, it is financially beneficial to refinance because there is little or no cost in doing so.

Cash-Out Refinance: This type refinance may not help you lower the monthly payment or shorter your mortgage periods. It can be used for home improvement, credit card and other debt consolidation if you qualify with your current home equity; you can refinance with a loan amount larger than your current mortgage and keep the cash difference.Mortgage refinancing
From Wikipedia, the free encyclopedia
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Mortgage refinancing is the method of replacing a mortgage with some other financing. Often, this involves acquiring the necessary financing from some other financial institution at better terms than the current. But mortgage refinancing can also mean getting a new loan from the same financial institution at better terms.

In general, the purpose of refinancing a mortgage is to lower the cost of it.

Interest rates, as you know, change all the time. If you hold a mortgage with a higher interest rate and the interest rate changes and becomes lower, a refinancing might become favorable. Small interest changes can often mean large savings if an effective refinancing can be made.

Changing values of property

One interesting situation arise if your property has gained in value and you have a combination of mortgages at different interest levels. Typically, the more you borrow the higher the interest rates will be at "the top" of the value. For example, you might get up to 85% of the value at 5% interest rate but eveything you borrow above that will be at a higher interest rate.

Now imagine that your property has gained in value over the last couple of years and that you when you bought it borrowed let's say up to 90% of it's value. Since the property has now got a higher valuation, it is likely that your full mortgage falls below the 85% that carries the lower interest rate. So what you could do is go to your financial institution and ask them if you can refinance the part that was earlier above 85% since your full mortgage is now entirely below 85%.

Early payoff penalty

If the mortgage you wish to refinance is fixed, there might be an early payoff penalty. This varies with different financial institutions and mortages so it has to be checked for each situation. Still though, even when an early payoff penalty is considered it might be worth to refinance.

In some cases, though this might not be the case in your country or with your financial institution, the institution that refinances your mortgage for you might be willing to pay parts of your early payoff penalty. This is of course always given that they see some kind of profit from you as a customer higher than the penalty.

In the US, mortgages are more common to be fixed at longer terms (could be for example 30 years) while in for example many European countries it is much more common with a floating rate mortgage. This, and more, makes the conditions for refinancing different depending on where you are from and what your situation is.
Mortgage & Mortgage Refinancing Links
The purpose of this site is to give a brief overview of the mortgage basics. The goal is to provide an understandable description of the main mortgage concepts rather than exhausting the topic thoroughly. If you need further information on the mortgage and mortgage refinancing subject you may check some of the links below.

Wikipedia - Mortgage:
http://en.wikipedia.org/wiki/Mortgage_loan
http://en.wikipedia.org/wiki/Mortgage

Wikipedia - Refinancing:
http://en.wikipedia.org/wiki/Refinancing

Useful mortgage information:
http://www.tescofinance.com/personal/finance/smarter_money/borrowing/mortgages.html

Useful information about how to refinance a mortgage:
http://www.fanniemae.com/homebuyers/findamortgage/refinancing/index.jhtml?p=Find+a+Mortgage&s=Refinancing

A comprehensive mortgage dictionary:
http://www.har.com/REDictionaryMortgage/

Google results for mortgage:
http://www.google.com/search?q=mortgage

Google results for mortgage refinancing:
http://www.google.com/search?q=mortgage+refinance

Google results for mortgage calculator:
http://www.google.com/search?q=mortgage+calculator
The Mortgage & Mortgage Refinancing Guide
Types of insurance





Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as "perils". An insurance policy will set out in detail which perils are covered by the policy and which are not.
Below is a (non-exhaustive) list of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set forth below. For example, auto insurance would typically cover both property risk (covering the risk of theft or damage to the car) and liability risk (covering legal claims from causing an accident). A homeowner's insurance policy in the U.S. typically includes property insurance covering damage to the home and the owner's belongings, liability insurance covering certain legal claims against the owner, and even a small amount of health insurance for medical expenses of guests who are injured on the owner's property.
Automobile insurance, known in the UK as motor insurance, is probably the most common form of insurance and may cover both legal claims against the driver and loss of or damage to the insured's vehicle itself. Throughout most of the United States an auto insurance policy is required to legally operate a motor vehicle on public roads. In some jurisdictions, bodily injury compensation for automobile accident victims has been changed to a no-fault system, which reduces or eliminates the ability to sue for compensation but provides automatic eligibility for benefits. Credit card companies insure against damage on rented cars.


Aviation insurance insures against hull, spares, deductible, hull war and liability risks.


Boiler insurance (also known as boiler and machinery insurance or equipment breakdown insurance) insures against accidental physical damage to equipment or machinery.


Builder's risk insurance insures against the risk of physical loss or damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage due to any cause (including the negligence of the insured) not otherwise expressly excluded.


Business insurance can be any kind of insurance that protects businesses against risks. Some principal subtypes of business insurance are (a) the various kinds of professional liability insurance, also called professional indemnity insurance, which are discussed below under that name; and (b) the business owners policy (BOP), which bundles into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners insurance bundles the coverages that a homeowner needs.


Casualty insurance insures against accidents, not necessarily tied to any specific property.


Credit insurance repays some or all of a loan back when certain things happen to the borrower such as unemployment, disability, or death. Mortgage insurance (which see below) is a form of credit insurance, although the name credit insurance more often is used to refer to policies that cover other kinds of debt.
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Home > Library > Words > Dictionary
mort·gage (môr'gĭj) pronunciation
n.

1. A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.
2. A contract or deed specifying the terms of a mortgage.
3. The claim of a mortgagee upon mortgaged property.

tr.v., -gaged, -gag·ing, -gag·es.

1. To pledge or convey (property) by means of a mortgage.
2. To make subject to a claim or risk; pledge against a doubtful outcome: mortgaged their political careers by taking an unpopular stand.

[Middle English morgage, from Old French : mort, dead (from Vulgar Latin *mortus, from Latin mortuus, past participle of morī, to die) + gage, pledge (of Germanic origin).]

WORD HISTORY The great jurist Sir Edward Coke, who lived from 1552 to 1634, has explained why the term mortgage comes from the Old French words mort, “dead,” and gage, “pledge.” It seemed to him that it had to do with the doubtfulness of whether or not the mortgagor will pay the debt. If the mortgagor does not, then the land pledged to the mortgagee as security for the debt “is taken from him for ever, and so dead to him upon condition, &c. And if he doth pay the money, then the pledge is dead as to the [mortgagee].” This etymology, as understood by 17th-century attorneys, of the Old French term morgage, which we adopted, may well be correct. The term has been in English much longer than the 17th century, being first recorded in Middle English with the form morgage and the figurative sense “pledge” in a work written before 1393.

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Mortgage

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.

Investopedia Says:
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.

Related Links:
It starts with knowing your choices as well as your price range. We show you how to get there. Shopping For A Mortgage
We explain the calculation and payment process as well as the amortization schedule of home loans. Understanding the Mortgage Payment Structure
This may be the biggest debt you'll ever incur. Learn why you should retire it sooner rather than later. Paying Off Your Mortgage
Learn the factors to consider when comparing the different programs offered by various lenders. Home-Equity Loans: The Costs
In a climate of rising interest rates, having an adjustable-rate mortgage can be risky. ARMed And Dangerous
Go beyond interest and find out how mortgage points affect your taxable income. A Tax Primer For Homeowners
Owning property isn't simple, but there are plenty of perks. Find out how to buy in. Investing In Real Estate

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Mortgage

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.

See also Adjustable Rate Mortgage; Alternative Mortgage Instrument; Balloon Mortgage; Biweekly Mortgage; Chattel Mortgage; Conventional Mortgage; Derivative Mortgage-Backed Securities; Graduated Payment Mortgage; Growing Equity Mortgage; Interest-Only (IO) Securities; Inverse Floater; Mortgage-Backed Bond; Mortgage-Backed Certificate; Mortgage-Backed Securities; Negative Amortization; Portable Mortgage; Price Level Adjusted Mortgage; Principal-Only (Po) Strip; Reverse Mortgage; Rollover Mortgage; Shared Appreciation Mortgage; Zero Coupon Mortgage.
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Mortgage

A written Instrument that creates a Lien upon Real Estate as Security for the payment of a specified debt.
Example: Lowry wants to buy a home. She needs a loan to complete the purchase. As Collateral Lowry offers a mortgage on the property to the lender.

Note that the borrower gives the mortgage, which pledges the property as collateral. The lender gives the loan.
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mortgage

verb

To give or deposit as a pawn: hypothecate, pawn1, pledge. Slang hock. See transactions.


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mortgage
n

A right given to the creditor over the property of the debtor for the security of the debt; invests the creditor with the power to have the property seized and sold in default of payment.
Britannica Concise Encyclopedia
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mortgage

In Anglo-American law, the method by which a debtor (mortgagor) conveys an interest in property to a creditor (mortgagee) as security for the payment of a money debt. The modern mortgage has its roots in medieval Europe. Originally, the mortgagor gave the mortgagee ownership of the land on the condition that the mortgagee would return it once the mortgagor's debt was paid off. Over time, it became the practice to let the mortgagor remain in possession of the land; it then became the mortgagor's right to remain in possession of the land so long as there was no default on the debt.

For more information on mortgage, visit Britannica.com.
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mortgage

A loan in which property is used as security for the debt.
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mortgage, in law, device for protecting a creditor by giving him an interest in property of his debtor. In common law a mortgage was a conditional sale; i.e., the mortgagor (debtor) sold realty (real property mortgage) or personal property (chattel mortgage), but if the debtor paid the debt by a certain time the sale was voided. The mortgagee (creditor) held legal title, the mortgagor equitable title; both estates were salable. Today Great Britain and a majority of states in the United States view mortgages as liens on property. The practical result under the two systems is the same. If the mortgagor does not pay the debt, the creditor seeks a court-ordered sale of the property (foreclosure), and the debt is paid out of the proceeds. During economic depressions many jurisdictions enact temporary mortgage moratorium statutes that give courts the discretionary power to refuse to foreclose mortgages. In a reverse mortgage, a homeowner borrows against the value of a house to receive a line of credit or monthly payments. Reverse mortgages are used by elderly homeowners as a way of obtaining cash, and normally the loan is paid off when the homeowner dies (or sells the property).

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Home > Library > Legal > Law Encyclopedia
This entry contains information applicable to United States law only.
Mortgage

A legal document by which the owner (buyer) transfers to the lender an interest in real estate to secure the repayment of a debt, evidenced by a mortgage note. When the debt is repaid, the mortgage is discharged, and a satisfaction of mortgage is recorded with the register or recorder of deeds in the county where the mortgage was recorded. Because most people cannot afford to buy real estate with cash, nearly every real estate transaction involves a mortgage.

The party borrowing the money and giving the mortgage (the debtor) is the mortgagor; the party paying the money and receiving the mortgage (the lender) is the mortgagee. Under early English and U.S. law, the mortgage was treated as a complete transfer of title from the borrower to the lender. The lender was entitled not only to payments of interest on the debt but also to the rents and profits of the real estate. This meant that as far as the borrower was concerned, the real estate was of no value, that is, "dead," until the debt was paid in full— hence the Norman-English name "mort" (dead), "gage" (pledge).

The mortgage must be executed according to the formalities required by the laws of the state where the property is located. It must describe the real estate and be signed by all owners, including nonowner spouses if the property is a homestead. Some states require witnesses as well as acknowledgement before a notary public.

The mortgage note, in which the borrower promises to repay the debt, sets out the terms of the transaction: the amount of the debt, the mortgage due date, the rate of interest, amount of monthly payments, whether the lender requires monthly payments to build a tax and insurance reserve, whether the loan may be repaid with larger or more frequent payments without a prepayment penalty, and whether failing to make a payment or selling the property will entitle the lender to call the entire debt due.

State courts have devised varying theories of the legal effect of mortgages: some treat the mortgage as a conveyance of the title, which can be defeated on payment of the debt; others regard it as a lien, entitling the borrower to all the rights of ownership, as long as the terms of the mortgage are observed. In California a deed of trust to a trustee who holds title for the lender is the preferred security instrument.

At common law, if the borrower failed to pay the debt in full at the appointed time, the borrower suffered a complete loss of title, however long and faithfully payments had been made.

Courts of equity, which were originally ecclesiastical courts, had authority to decide cases on the basis of moral obligation, fairness, or justice, as opposed to the law courts, which were bound to decide strictly according to the common law. Equity courts softened the harshness of the common law by ruling that the debtor could regain title even after default, but before it was declared forfeit, by paying the debt with interest and costs. This form of relief is known as the equity of redemption.

Now nearly all states have enacted statutes incorporating the equity of redemption, and many have also enacted periods of redemption, specifying lengths of time within which the borrower may redeem. Although some debtors, or mortgagors, are able to avoid foreclosure through equity of redemption, many are not, because redeeming means coming up with the balance of the mortgage plus interest and costs, something a financially troubled debtor may not be able to accomplish. However, because foreclosure upends the agreement between mortgagor and mortgagee and creates burdens for both parties, lenders are often willing to work with debtors to help them through a period of temporary difficulty. Debtors who run into problems meeting their mortgage obligations should speak to their lender about developing a plan to avert foreclosure.

Failure to redeem results in foreclosure of the borrower's rights in the real estate, which is then sold by the county sheriff at a public foreclosure sale. At a foreclosure sale, the lender is the most frequent purchaser of the property.

If the bid at the sale is less than the debt, even if it is for fair market value, the lender may be granted a deficiency judgment for the balance of the debt against the debtor, with the right to resort to other assets or income for its collection.

Often other creditors bid at the sale to protect their interest as judgment creditors, second mortgagees, or mechanic's lien claimants. All such persons must be notified of the foreclosure suit and given a right to bid at the sale to protect their claims. Similar protections are afforded transactions involving deeds of trust.

Subdivision or condominium development mortgages that cover a large tract of land are blanket mortgages. A blanket mortgage makes possible the sale of individual lots or units, with the proceeds applied to the mortgage, and partial release of the mortgage recorded to clear the title for that lot or unit.

Construction mortgages need special treatment depending on state construction lien law. Often the loan proceeds are placed in escrow with title insurance companies to make certain that the mortgage remains a first lien, with priority over contractors' construction liens.

Open-end mortgages make possible additional advances of money from the lender without the necessity of a new mortgage.

The time of repayment may be extended by a recorded extension of mortgage. Other real estate may be added to the mortgage by a spreading agreement. Mortgaged real estate may be sold, with the buyer taking either "subject to" or by "assuming" the mortgage. In the former case, the buyer acknowledges the existence of the mortgage and, upon default, may lose the title. By assuming the mortgage, the buyer promises to repay the debt and may be personally liable for a deficiency judgment if the sale brings less than the debt.

Lenders regularly assign mortgages to other investors. Assignments with recourse are guarantees by the one who assigns the mortgage that that party will collect the debt; those without recourse do not contain such guarantees. Assignments with recourse usually involve lower-risk properties or those of relatively stable or rising value. Assignments without recourse tend to involve riskier properties. Mortgages assigned without recourse are often sold at a price discounted well below their market value.

Before the Great Depression of the 1930s, most mortgages were "straight" short-term mortgages, requiring payments of interest and lump-sum principal, with the result that when incomes dropped, many borrowers lost their properties. That risk is minimized today because commercial lenders take fully amortized mortgages, in which part of the periodic payment applies first to interest and then to principal, with the balance reduced to zero at the end of the term.

Several agencies of the federal government have assisted the mortgage market by infusion of capital and by guarantees of repayment of mortgages. The Federal Housing Administration made possible purchases of real estate at low interest rates and with low down payments. The Veterans Administration also guarantees home loans to certain veterans on favorable terms. Both agencies contributed greatly to the growth of the housing market after World War II. In the late 1950s, private corporations began insuring repayment of conventional mortgages.

The Government National Mortgage Association (Ginnie Mae), created by the U.S. government in 1968, makes possible trading in mortgages by investors by guaranteeing mortgages-backed securities.

The Federal National Mortgage Association (Fannie Mae) is a private corporation, chartered by the U.S. government, that bolsters the supply of funds for home mortgages by buying mortgages from banks, insurance companies, and savings and loans.

Inflation in the 1970s made long-term fixed-rate mortgages less attractive to lenders. In response, lenders devised three types of mortgage loans that enable the rate of interest to vary in case of rises in rates: the variable-rate mortgage, graduated payment mortgage, and adjustable-rate mortgages. These mortgages are offered at initial interest rates that are somewhat lower than those for twenty- to thirty-year fixed-rate mortgages.

Home equity loans are typically second mortgages to the holder of the first mortgage, advancing funds based on a percentage of the owner's equity, that is, the amount by which the value of the real estate exceeds the first mortgage balance.

See: amortization.
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mortgage (mawr-gij)

A legal agreement that creates an interest in real estate between a borrower and a lender. Commonly used to purchase homes, mortgages specify the terms by which the purchaser borrows from the lender (usually a bank or a savings and loan association), using his or her title to the house as security for the unpaid balance of the loan.
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mortgage pronunciation

IN BRIEF: An agreement in which borrower gives the lender a claim to property as a pledge that the debt will be paid.

pronunciation When they bought their house, they needed to apply for a mortgage loan.

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mortgage

This article is about the legal mechanism used to secure property in favor of a creditor. For loans secured by mortgages, such as residential housing loans, see mortgage loan.


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A mortgage is a method of using property (real or personal) as security for the payment of a debt.

The term mortgage (from Law French, lit. death vow) refers to the legal device used in securing the property, but it is also commonly used to refer to the debt secured by the mortgage, the mortgage loan.

In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.

In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom and the United States.

Participants and variant terminology

Legal systems tend to share certain concepts but vary in the terminology and jargon used.

In general terms the main participants in a mortgage are:

Creditor

The creditor has legal rights to the debt secured by the mortgage and often makes a loan to the debtor of the purchase money for the property. Typically, creditors are banks, insurers or other financial institutions who make loans available for the purpose of real estate purchase.

A creditor is sometimes referred to as the mortgagee or lender.

Debtor

The debtor[s] must meet the requirements of the mortgage conditions (and often the loan conditions) imposed by the creditor in order to avoid the creditor enacting provisions of the mortgage to recover the debt. Typically the debtors will be the individual home-owners, landlords or businesses who are purchasing their property by way of a loan.

A debtor is sometimes referred to as the mortgagor, borrower, or obligor.

Other participants

Due to the complicated legal exchange, or conveyance, of the property, one or both of the main participants are likely to require legal representation. The terminology varies with legal jurisdiction; see lawyer, solicitor and conveyancer.

Because of the complex nature of many markets the debtor may approach a mortgage broker or financial adviser to help them source an appropriate creditor typically by finding the most competitive loan. Recently, many US consumers (particularly higher income borrowers) are choosing to work with Certified Mortgage Planners, industry experts that work closely with Certified Financial Planners to align the home finance position(s) of homeowners with their larger financial portfolio(s).

The debt is sometimes referred to as the hypothecation, which may make use of the services of a hypothecary to assist in the hypothecation.

In addition to borrowers, lenders, government sponsored agencies, private agencies; there is also a fifth class of participants who are the source of funds - the Life Insurers, Pension Funds, etc.

Other Terminologies

Like any other legal system, the mortgage business sometimes uses confusing jargon. Below are some terms explained in brief. If a term is not explained here it may be related to the mortgage loans rather than to the legal process.

Conveyance This is the legal document that transfers ownership of unregistered land.

Disbursements These are all the fees of the solicitors and governments, such as stamp duty, land registry, search fees, etc.

Freehold This means the ownership of a property and the land.

Land Registration This is a legal document that records the ownership of a property and land. This is also known as a Title.

Leasehold This means the ownership of the property and land for a specified period, which may be sold separately from freehold, which may be owned by another person.

Legal Charge This is a legal document that records the data of the rightful owner of a property or land.

Mortgage Deed This is a legal document that stated that the lender has a legal charge over the property.


Sealing Fee This is a fee made when the lender releases the legal charge over the property.

Legal Aspects

There are essentially two types of legal mortgage.

Mortgage by demise

In a mortgage by demise, the creditor becomes the owner of the mortgaged property until the loan is repaid in full (known as "redemption"). This kind of mortgage takes the form of a conveyance of the property to the creditor, with a condition that the property will be returned on redemption.

This is an older form of legal mortgage and is less common than a mortgage by legal charge. It is no longer available in the UK, by virtue of the Land Registration Act 2002.

Mortgage by legal charge

In a mortgage by legal charge, the debtor remains the legal owner of the property, but the creditor gains sufficient rights over it to enable them to enforce their security, such as a right to take possession of the property or sell it.

To protect the lender, a mortgage by legal charge is usually recorded in a public register. Since mortgage debt is often the largest debt owed by the debtor, banks and other mortgage lenders run title searches of the real property to make certain that there are no mortgages already registered on the debtor's property which might have higher priority. Tax liens, in some cases, will come ahead of mortgages. For this reason, if a borrower has delinquent property taxes, the bank will often pay them to prevent the lienholder from foreclosing and wiping out the mortgage.

This type of mortgage is common in the United States and, since 1925, it has been the usual form of mortgage in England and Wales (it is now the only form - see above).

In Scotland, the mortgage by legal charge is also known as standard security.

* See also: Security interests - types of security

History

At common law, a mortgage was a conveyance of land that on its face was absolute and conveyed a fee simple estate, but which was in fact conditional, and would be of no effect if certain conditions were not met --- usually, but not necessarily, the repayment of a debt to the original landowner. Hence the word "mortgage," Law French for "dead pledge;" that is, it was absolute in form, and unlike a "live gage", was not conditionally dependent on its repayment solely from raising and selling crops or livestock, or of simply giving the fruits of crops and livestock coming from the land that was mortgaged. The mortgage debt remained in effect whether or not the land could successfully produce enough income to repay the debt. In theory, a mortgage required no further steps to be taken by the creditor, such as acceptance of crops and livestock, for repayment.

The difficulty with this arrangement was that the lender was absolute owner of the property and could sell it, or refuse to reconvey it to the borrower, who was in a weak position. Increasingly the courts of equity began to protect the borrower's interests, so that a borrower came to have an absolute right to insist on reconveyance on redemption. This right of the borrower is known as the "equity of redemption".

This arrangement, whereby the mortgagee (the lender) was on theory the absolute owner, but in practice had few of the practical rights of ownership, was seen in many jurisdictions as being awkwardly artificial. By statute the common law position was altered so that the mortgagor would retain ownership, but the mortgagee's rights, such as foreclosure, the power of sale and the right to take possession would be protected.

In the United States, those states that have reformed the nature of mortgages in this way are known as lien states. A similar effect was achieved in England and Wales by the Law of Property Act 1925, which abolished mortgages by the conveyance of a fee simple.

Foreclosure and non-recourse lending

In most jurisdictions, a lender may foreclose the mortgaged property if certain conditions - principally, non-payment of the mortgage loan - apply. Subject to local legal requirements, the property may then be sold. Any amounts received from the sale (net of costs) are applied to the original debt. In some jurisdictions, mortgage loans are non-recourse loans: if the funds recouped from sale of the mortgaged property are insufficient to cover the outstanding debt, the lender may not have recourse to the borrower after foreclosure. In other jurisdictions, the borrower remains responsible for any remaining debt. In virtually all jurisdictions, specific procedures for foreclosure and sale of the mortgaged property apply, and may be tightly regulated by the relevant government; in some jurisdictions, foreclosure and sale can occur quite rapidly, while in others, foreclosure may take many months or even years. In many countries, the ability of lenders to foreclose is extremely limited, and mortgage market development has been notably slower.

Mortgages in the United States

Types of Mortgage Instruments

Two types of mortgage instruments are used in the United States: the mortgage (sometimes called a mortgage deed) and the deed of trust.

The mortgage

In all but a few states, a mortgage creates a lien on the title to the mortgaged property. Foreclosure of that lien almost always requires a judicial proceeding declaring the debt to be due and in default and ordering a sale of the property to pay the debt.

The deed of trust

The deed of trust is a deed by the borrower to a trustee for the purposes of securing a debt. In most states, it also merely creates a lien on the title and not a title transfer, regardless of its terms. It differs from a mortgage in that, in many states, it can be foreclosed by a non-judicial sale held by the trustee. It is also possible to foreclose them through a judicial proceeding.

Most "mortgages" in California are actually deeds of trust. The effective difference is that the foreclosure process can be much faster for a deed of trust than for a mortgage, on the order of 3 months rather than a year. Because the foreclosure does not require actions by the court the transaction costs can be quite a bit less.

Deeds of trust to secure repayments of debts should not be confused with trust instruments that are sometimes called deeds of trust but that are used to create trusts for other purposes, such as estate planning. Though there are superficial similarities in the form, many states hold deeds of trust to secure repayment of debts do not create true trust arrangements.

Mortgage lien priority

Except in those few states in the United States that adhere to the title theory of mortgages,[1] either a mortgage or a deed of trust will create a mortgage lien upon the title to the real property being mortgaged. The lien is said to "attach" to the title when the mortgage is signed by the mortgagor and delivered to the mortgagee and the mortgagor receives the funds whose repayment the mortgage secures. Subject to the requirements of the recording laws of the state in which the land is located, this attachment establishes the priority of the mortgage lien with respect to other liens on the property's title.[2] Liens that have attached to the title before the mortgage lien are said to be senior to, or prior to, the mortgage lien. Those attaching afterward are said to be junior or subordinate.[3] The purpose of this priority is to establish the order in which lien holders are entitled to foreclose their liens in an attempt to recover their debts. If there are multiple mortgage liens on the title to a property and the loan secured by a first mortgage is paid off, the second mortgage lien will move up in priority and become the new first mortgage lien on the title. Documenting this new priority arrangement will require the release of the mortgage securing the paid off loan.

See also


Related to South Africa

* Bond (SA) - a term loosely, but interchangeabley used for "home loan" or "mortgage" in South Africa. Thus, one can say one is looking for a "bond" for ones house, when one is looking for a residential mortgage.

Legal details

* Deed - legal aspects
* Mechanics lien - a legal concept
* Perfection - applicable legal filing requirements

References

1. ^ See, R. Kratovil and R. Werner Modern Mortgage Law and Practice Sec. 1.6 (2nd Ed. Prentice-Hall, Inc. 1981)
2. ^ The failure to record a previously made mortgage may, under some circumstances, allow a subsequent mortgagee's mortgage to be recognized as prior in right to the otherwise prior mortgage.
3. ^ Of course, the lienholders can agree among themselves to a different priority arrangement through [[subordination (finance)|subordination arrangements. See, R. Kratovil and R. Werner Modern Mortgage Law and Practice Chs. 30 & 38 (2nd Ed. Prentice-Hall, Inc.)


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mortgage

Common misspelling(s) of mortgage

* morgage


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Translations for: Mortgage

Dansk (Danish)
n. - pant, pantebrev, panterettighed
v. tr. - belåne, optage prioritetslån i

Nederlands (Dutch)
hypotheek, hypothecair, hypotheek nemen op

Français (French)
n. - (Fin, Jur) hypothèque, gage immobilier, nantissement
v. tr. - hypothéquer, grever, engager, mettre en gage

Deutsch (German)
n. - Hypothek
v. - mit einer Hypothek belasten

Ελληνική (Greek)
n. - (νομ.) υποθήκη
v. - υποθηκεύω

Italiano (Italian)
ipoteca, ipotecario

Português (Portuguese)
n. - hipoteca (f)
v. - hipotecar

Русский (Russian)
заклад, ипотека, закладная, закладывать, ручаться

Español (Spanish)
n. - hipoteca, hipotecario
v. tr. - hipotecar

Svenska (Swedish)
n. - inteckning, lån
v. - inteckna, lova bort

中文（简体） (Chinese (Simplified))
抵押, 精神负担, 义务, 使有义务, 献身于

中文（繁體） (Chinese (Traditional))
n. - 抵押, 精神負擔, 義務
v. tr. - 抵押, 使有義務, 獻身於

한국어 (Korean)
n. - 저당[권]
v. tr. - 저당 잡히다, 헌신하다

日本語 (Japanese)
n. - 抵当, 抵当に入れること, 抵当権, 抵当証書
v. - 抵当に入れる, 投げ出してかかる, 賭ける

العربيه (Arabic)
‏(الاسم) رهن (فعل) يرهن‏

עברית (Hebrew)
n. - ‮משכנתה, חוב הנשען על משכנתה‬
v. tr. - ‮משכן‬

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Copyrights:
Dictionary definition of mortgage
The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2007. Published by Houghton Mifflin Company. All rights reserved. More from Dictionary
Investment Dictionary definition of mortgage
Copyright ©2000, Investopedia.com - Owned and Operated by Investopedia Inc. All rights reserved. More from Investment Dictionary
Banking Dictionary definition of mortgage
Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved. More from Banking Dictionary
Real Estate Dictionary definition of mortgage
Dictionary of Real Estate Terms. Copyright © 2004 by Barron's Educational Series, Inc. All rights reserved. More from Real Estate Dictionary
Thesaurus synonyms of mortgage
Roget's II: The New Thesaurus, Third Edition by the Editors of the American Heritage® Dictionary Copyright © 1995 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. More from Thesaurus
Dental Dictionary definition of mortgage
Mosby's Dental Dictionary. Copyright © 2004 by Elsevier, Inc. All rights reserved. More from Dental Dictionary
Britannica Concise Encyclopedia information about mortgage
Britannica Concise Encyclopedia. © 2006 Encyclopædia Britannica, Inc. All rights reserved. More from Britannica Concise Encyclopedia
Architecture information about mortgage
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc. All rights reserved. More from Architecture
Columbia Encyclopedia information about mortgage
The Columbia Electronic Encyclopedia, Sixth Edition Copyright © 2003, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/ More from Columbia Encyclopedia
Law Encyclopedia information about mortgage
West's Encyclopedia of American Law. Copyright © 1998 by The Gale Group, Inc. All rights reserved. More from Law Encyclopedia
Economics Dictionary definition of mortgage
The New Dictionary of Cultural Literacy, Third Edition Edited by E.D. Hirsch, Jr., Joseph F. Kett, and James Trefil. Copyright © 2002 by Houghton Mifflin Company. Published by Houghton Mifflin. All rights reserved. More from Economics Dictionary
Word Tutor information about mortgage
Copyright © 2004-present by eSpindle Learning, a 501(c) nonprofit organization. All rights reserved.
eSpindle provides personalized spelling and vocabulary tutoring online; free trial. More from Word Tutor
Answers Corporation Blogs information about mortgage
© 1999-2007 by Answers Corporation. All rights reserved. More from Blogs
Wikipedia information about mortgage
This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Mortgage". More from Wikipedia
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Ranked #9 for medium-sized companies, #17 overall; highest ranking Michigan-based Company; makes "most unusual perks" list.

LIVONIA, Mich., Jan. 8, 2007 — Quicken Loans Inc has been ranked in the "Top 20" on FORTUNE Magazine's list of the "100 Best Companies to Work For" list for the fourth consecutive year. The company is ranked #9 on the list of medium-sized companies, #17 overall, and also was cited on a list of companies with the "most unusual perks."

Quicken Loans Inc consists of Quicken Loans, the nation's largest online retail mortgage lender; Rock Financial, Michigan's largest mortgage company; and Title Source, a national title and settlement services company.

Of the 1,500 companies that requested to be considered, 446 companies were invited to participate in the process this year. "The 100 Best Companies to Work For" list is compiled for FORTUNE by Robert Levering and Milton Moskowitz of the Great Place to Work Institute in San Francisco, based on two criteria: an evaluation of the policies and culture of each company, and the opinions of the company's employees.

Two-thirds of the total score comes from employee responses to a 57-question survey which goes to a minimum of 400 randomly selected employees. The survey asks about attitudes towards management, job satisfaction, and camaraderie within the organization. The remainder of the score is based on an evaluation of each company's demographic makeup, pay and benefits programs, and culture.

Entrepreneurial Culture.

"The key to success for any organization is not just in hiring great people, but in creating an entrepreneurial culture that encourages and rewards them for thinking big and acting on these great ideas," said Dan Gilbert, founder and chairman of Quicken Loans/Rock Financial.

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Quicken Loans/Rock Financial has created a culture that provides opportunities for employees to develop and grow, and rewards them for performance. The company has attracted exceptional people who've created innovative mortgage programs, streamlined the mortgage process, developed unique technology, and delivered superb client service.

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"Spending this time with all our new team members during their first few days here is extremely important and ensures they understand and embrace our 'ISMS'," said Emerson. "This helps them know who we are and what we stand for, so they can make the right decisions going forward."

As part of the selection process, FORTUNE also evaluates each company's pay and benefits, recognition and reward programs, and opportunities for camaraderie and fun.

Compensation and benefits. The company's results-based compensation plan includes a generous performance-based pay and annual bonus plan, spot bonuses and more. In addition to tuition assistance, the company offers unique benefits such as leadership training which includes a SWAT-type obstacle course, and empowerment training in which family members are encouraged to participate.

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Founder Gilbert also is majority owner of the NBA's Cleveland Cavaliers and employees are invited to attend several Cavs home games each year. The trips include transportation, tickets, team merchandise and overnight accommodations. Rock Financial, the company's branch system in Michigan, is Presenting Sponsor of the NBA's Detroit Pistons and employees also attend Pistons games.

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The Top 100 Most Innovative Companies Ranking

The World's Most Innovative Companies
2006 Rank Company Margin Growth
1995-2005
% Stock Returns
1995-2005
%
1 Apple 7.1 24.6
2 Google NA** NA**
3 3M 3.4 11.2
4 Toyota 10.7 11.8
5 Microsoft 2.0 18.5
6 General Electric 5.7 13.4
7 Procter & Gamble 4.4 12.6
8 Nokia 0.0 34.6
9 Starbucks 2.2 27.6
10 IBM -0.7 14.4
11 Virgin NA** NA**
12 Samsung -4.5*** 22.7
13 Sony -11.0 5.1
14 Dell 2.0 39.4
15 IDEO NA** NA**
16 BMW 9.1 14.2
17 Intel -0.3 13.8
18 eBay 13.0*** NA**
19 IKEA NA** NA**
20 Wal-Mart 1.9 16.2
21 Amazon 25.0*** NA**
22 Target 7.4 25.2
23 Honda 8.0 12.9
24 Research In Motion 57.0*** NA**
25 Southwest -0.1 13.9
26 Porsche NA** 33.1
27 Genentech 5.7 29.3
28 Cisco -2.2 15.2
29 Nike 0.0 10.7
30 Motorola 0.7 3.8
31 DaimlerChrysler 4.8*** -1.8
32 Infosys 3.0*** 73.6
33 Ryanair 2.7 28.4
34 Pixar 24.2 13.8
35 SonyEricsson NA** NA**
36 Whole Foods 4.1 36.6
37 Capital One -2.1 27.4
38 Tesco -0.3 16.2
39 Danone 4.7 13.3
40 BP -0.2 12.3
41 PepsiCo 4.9 10.2
42 Hewlett Packard -6.6 7.1
43 Disney -3.7 2.9
44 jetBlue NA** 0.9
45 W.L. Gore & Associates NA** NA**
46 Skype Technologies NA** NA**
47 FedEx 4.3 18.9
48 Bang & Olufsen 2.4 16.3
49 Renault 23.7 14.8
50 L'Oreal 2.3 14.2
51 ExxonMobil 5.8 13.6
52 Siemens 2.0*** 12.6
53 Johnson & Johnson 3.6 12.6
54 Shell 2.4 11.0
55 Pfizer 1.8 9.9
56 Singapore Airlines -5.8 7.7
57 Nissan 30.2 5.4
58 DuPont -1.8 4.9
59 Zara NA** NA**
60 TiVo NA** -24.6
61 Yahoo! NA** 42.9
62 Macquarie Bank NA** 35.0
63 Audi 9.2 30.1
64 Harley Davidson 7.1 22.3
65 Progressive Insurance 1.1 22.0
66 Volvo -2.7 17.1
67 Philips Electronics 3*** 16.2
68 ING Bank 3.0 15.7
69 Nestle 1.2*** 13.9
70 Boeing 0.1 7.6
71 Matsushita Electric Industrial -1.4 3.9
72 easyJet 0.0*** 3.7
73 UPS 3.4 3.6
74 Coca-Cola 1.3 2.4
75 Cirque du Soleil (tied) NA** NA**
75 McKinsey (tied) NA** NA**
75 Woolworths (tied) 5.6*** NA**
78 Hutchison Telecommunications NA** 88.1
79 Salesforce.com NA** 58.4
80 ACS NA** 35.1
81 ITC NA** 25.4
82 Time Warner 8.1 22.3
83 Danaher 2.7 21.7
84 Costco Wholesale 1.7 20.7
85 LG Electronics NA** 19.1
86 bankinter NA** 18.3
87 Amgen -0.3 18.2
88 Caterpillar 0.3 17.5
89 Accenture NA** 16.3
90 SAP 1.3 15.7
91 SK Telecom 1.5 15.7
92 Home Depot 4.3 14.9
93 LVMH -2.6*** 12.3
94 Gap -1.7 11.6
95 Unilever 5.0*** 11.2
96 Goldman Sachs -4.9*** 10.9
97 John Deere & Co. -1.1 8.9
98 Whirlpool 2.0 7.2
99 Entel NA** 6.2
100 McDonald's -2.4 5.2

* Insufficient data
** Based on fewer than 10 years of data
2006 RANK: In the 2006 rankings, we broke ties by comparing 10-year annualized total shareholder returns between 1995 and 2005. In ties between a public and a private company, the public company was favored.
MARGIN GROWTH: Annualized based on 1995-2005 fiscal year earnings before interest and taxes as percent of revenues.
STOCK RETURNS: Annualized, Dec. 29, 1995 to Dec. 30, 2005, price appreciation and dividends.
DATA: Analysis and data provided in collaboration with the innovation practice of The Boston Consulting Group. Also, Standard & Poor’s Compustat® data and company reports.




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