What is mortgage ?

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 or businesses can purchase residential or 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.

Mortgage Payment Types

Fixed Rate Mortgage
Adjustable Rate Mortgage
Balloon Payment Mortgage
Interest Only Mortgage
Negative Amortization Mortgage
Reverse Mortgage
Graduated Payment Mortgage

External links

Mortgages at the Open Directory Project (suggest site)
FHA loans (U.S. Department of Housing and Urban Development)
FSA Consumer page UK regulator mortgage information
The ABCs of Mortgages, Financial Consumer Agency of Canada

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