mortgage loan
[[File:30 year mortgage calculator.webp|thumb|385px|30 year mortgage of 4% on $250,000 loan
Article
33 sectionsContents
- Mortgage loan basics
- Basic concepts and legal regulation
- Mortgage underwriting
- Mortgage loan types
- Loan to value and down payments
- Value: appraised, estimated, and actual
- Payment and debt ratios
- Standard or conforming mortgages
- Foreign currency mortgage
- Repaying the mortgage
- Principal and interest
- Interest only
- Reverse mortgages
- Interest and partial principal
- Variations
- Foreclosure and non-recourse lending
- National differences
- United States
- Canada
- United Kingdom
- Continental Europe
- Recent trends
- Malaysia
- Islamic countries
- Mortgage insurance
- See also
- General, or related to more than one nation
- Related to the United Kingdom
- Related to the United States
- Other nations
- Legal details
- References
- External links
thumb|385px|30 year mortgage of 4% on $250,000 loan
A mortgage loan or simply mortgage (), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".