Specific charactristics of morgage [mortgageprotectiontips.blogspot.com]
LeahCoss.ca I want to talk to you about banks and non banks and what the difference is, why I might put you at one as opposed to the other. Well, banks is really simple to explain because you see them every day. You probably bank with them every single week. They're the royal banks, the TDs, the Scotias, the HSBCs of the world. They're the places that you see the advertisements on TV for. You see them on every street corner, and you've grown to love and trust them. They offer you RSPs, insurance, checkings, savings, as well as mortgages. So mortgages is not their sole business. How that compares to a non bank is simply that non banks are not banks. You can't get a checking account. You can't get a savings account. You can't buy insurance. You can't buy RSPs or anything of that nature. Now why is that a benefit? Well, because it's obviously saving them costs. They don't have to pay for leases. They don't have to pay for employees. They don't have to pay for advertising because in actual fact, they're not trying to get your business. They're trying to get my business as a broker. When it comes to non banks, you cannot call them up and try to get a mortgage. They will actually refer you to a broker who will then talk to us. Why do they do that? Is it because they're being dicks? No, they're not. Why they're doing that is because it's, again, saving them time. It will cost a lot more money for them to deal with everyone in the general public than it is to just deal with ...
mortgageprotectiontips.blogspot.com What is a Non Bank Mortgage Lender - Compare to a Big Bank Mortgage Lender
Therefore a mortgage is an encumbrance on the right too the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property. Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage loan, either directly or indirectly and often throug state intervention. Other aspects that define a specific mortgage market may be regional, historical, or driven by specific charachetistics of the legal or financial system.Lenders provide funds against property to earn interest income, and generally borrow these funds themselves.
The price at which the lenders borrow money therefore affects to cost of borrowing.
Ther are many types of mortgages used worldwide, but several factors broadly define the characteristics of the mortgage. All of these may be subject to local regulation and legal requirements. Interest may be fixed for the life of the loan or variable and change at certain pre defined period the interest rate can also of course be higher or lower. When the amount a company or government repays in bedt exceeds the amount they currenlty borrow. Paydown is also when a mortgage borrower pays the principal and of a mortgage. In doing so, the borrower is paying down his or her debt. In ganaral, paydown also refers to repatment of any outstanding loan. It could mean paying down a car loan, cradit card debt, school loan or any other type of debt.Mortgage in which the underlying terms and conditions meet the funding criteria of fannie mae and freddie mac. About 35 to 50% of mortgages depending on market conditions and consumer trends, are conventional mortgages. In other words, fannie mae and feddie mac guarentee or purchase 35-50% of all mortgages. Conventional mortages may be fixed rate or adjustable rate mortgages. Suggest Specific charactristics of morgage Topics
