Mortgage

Mortgage

You probably have heard of mortgage before but do you really have a clear idea on what it entails? If not, then you are in the right place. Mortgaged.com is going to be your online guide to anything and everything about mortgage.

First, let’s talk about the basics.

What is a mortgage?

Legally, mortgage is defined as the pledging of a property to a lender as security for a mortgage loan. In other words, mortgage pertains to the property, usually a real estate, which acts as a guarantee that the borrower will pay back the lender in full interest as stated in the loan. If you are curious as to why it is called mortgage, it turns out that the word is derived from the Old French “dead pledge”, which means that the pledge dies when the obligation of the borrower is performed or the property has been taken as payment.

There are two main participants in a mortgage namely the mortgagee and the mortgagor. The mortgagee is the same as the mortgage lender. This person provides financial security to the borrower, which is known as the mortgagor. Other parties involved are lawyers, solicitors, mortgage brokers, and financial advisers.

Now that you have a brief notion of what a mortgage is, feel free to read the other topics we have included for your benefit. Here are some of the things you can look forward to while browsing our website: