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Home Loan
A mortgage is a long-term
loan that a borrower obtains from a bank, thrift, independent mortgage broker,
online lender or even the property seller. The house and the land it sits on
serve as collateral for the loan. The borrower signs documents at closing that
give the lender a lien against the property. A lien gives the lender the power
to take the home through foreclosure if the borrower doesn't make payments as
agreed. Because mortgages are such large loans, consumers repay them over long
periods -- usually 15 to 30 years. Monthly payments gradually whittle away the
principal balance, slowly at first then rapidly toward the end of the loan.
When escrow is used, a
monthly mortgage payment is called a PITI payment. That's because each one
covers a portion of the following four costs:
Principal -- the loan
balance
Interest -- interest owed on
that balance
Real estate Taxes -- taxes
assessed by different government agencies to pay for school construction, fire
department service, etc.
Property Insurance --
insurance coverage against theft, fire, hurricanes and other disasters
Most lenders require taxes
and insurance to be paid out of escrow. Such a policy protects the lender from
tax liens and uninsured losses that the borrower can't repay. Sometimes, but not
often, the lender will allow a borrower to pay property taxes and insurance in
lump sums when they come due.
A home equity loan or line
of credit allows you to borrow money, using your home's equity as collateral.
Collateral is property that you pledge as a guarantee that you will repay a
debt. If you don't repay the debt, the lender can take your collateral and sell
it to get its money back. With a home equity loan or line of credit, you pledge
your home as collateral. You can lose the home and be forced to move out if you
don't repay the debt. Equity is the difference between how much the home is
worth and how much you owe on the mortgage (or mortgages, if you have more than
one on the property).
There are many different
kinds of home loan options. When considering using your home as collateral or
buying a home for the first time, you should always do as much research on the
type of loan you are thinking about getting so that you will receive the best
deal possible.
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