Mortgage Loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan However the word mortgage alone in everyday usage is most often used to mean mortgage loan
The word mortgage is a Law French term meaning death contract meaning that the pledge ends (dies) when either the obligation is fulfilled or the property is taken through foreclosure
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution such as a bank either directly or indirectly through intermediaries Features of mortgage loans such as the size of the loan maturity of the loan interest rate method of paying off the loan and other characteristics can vary considerably
In many jurisdictions though not all (Bali Indonesia being one exception) it is normal for home purchases to be funded by a mortgage loan Few individuals have enough savings or liquid funds to enable them to purchase property outright In countries where the demand for home ownership is highest strong domestic markets have developed
Mortgage loan basics
Basic concepts and legal regulation
According to Anglo American property law a mortgage occurs when an owner (usually of a fee simple interest in realty) pledges his or her interest (right to the property) as security or collateral for a loan Therefore a mortgage is an encumbrance (limitation) on the right to 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 As with other types of loans mortgages have an interest rate and are scheduled to amortize over a set period of time typically 30 years All types of real property can be and usually are secured with a mortgage and bear an interest rate that is supposed to reflect the lender＇s risk
Mortgage lending is the primary mechanism used in many countries to finance private ownership of residential and commercial property Although the terminology and precise forms will differ from country to country the basic components tend to be similar
Property the physical residence being financed The exact form of ownership will vary from country to country and may restrict the types of lending that are possible
Mortgage the security interest of the lender in the property which may entail restrictions on the use or disposal of the property Restrictions may include requirements to purchase home insurance and mortgage insurance or pay off outstanding debt before selling the property
Borrower the person borrowing who either has or is creating an ownership interest in the property
Lender any lender but usually a bank or other financial institution
Lenders may also be investors who own an interest in the mortgage through a mortgage backed security In such a situation the initial lender is known as the mortgage originator which then packages and sells the loan to investors The payments from the borrower are thereafter collected by a loan servicer
Principal the original size of the loan which may or may not include certain other costs as any principal is repaid the principal will go down in size
Interest a financial charge for use of the lender＇s money
Foreclosure or repossession the possibility that the lender has to foreclose repossess or seize the property under certain circumstances is essential to a mortgage loan without this aspect the loan is arguably no different from any other type of loan
Many other specific characteristics are common to many markets but the above are the essential features Governments usually regulate many aspects of mortgage lending either directly (through legal requirements for example) or indirectly (through regulation of the participants or the financial markets such as the banking industry) and often through state intervention (direct lending by the government by state owned banks or sponsorship of various entities) Other aspects that define a specific mortgage market may be regional historical or driven by specific characteristics of the legal or financial system
Mortgage loans are generally structured as long term loans the periodic payments for which are similar to an annuity and calculated according to the time value of money formula The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years depending on local conditions Over this period the principal component of the loan (the original loan) would be slowly paid down through amortization In practice many variants are possible and common worldwide and within each country
Lenders provide funds against property to earn interest income and generally borrow these funds themselves (for example by taking deposits or issuing bonds) The price at which the lenders borrow money therefore affects the cost of borrowing Lenders may also in many countries sell the mortgage loan to other parties who are interested in receiving the stream of cash payments from the borrower often in the form of a security (by means of a securitization)
Mortgage lending will also take into account the (perceived) riskiness of the mortgage loan that is the likelihood that the funds will be repaid (usually considered a function of the creditworthiness of the borrower) that if they are not repaid the lender will be able to foreclose and recoup some or all of its original capital and the financial interest rate risk and time delays that may be involved in certain circumstances
Mortgage loan types
There 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 interest may be fixed for the life of the loan or variable and change at certain per defined periods the interest rate can also of course be higher or lower
Term mortgage loans generally have a maximum term that is the number of years after which an amortizing loan will be repaid Some mortgage loans may have no amortization or require full repayment of any remaining balance at a certain date or even negative amortization
Payment amount and frequency the amount paid per period and the frequency of payments in some cases the amount paid per period may change or the borrower may have the option to increase or decrease the amount paid
Prepayment some types of mortgages may limit or restrict prepayment of all or a portion of the loan or require payment of a penalty to the lender for prepayment
The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM) (also known as a floating rate or variable rate mortgage) In many countries (such as the United States) floating rate mortgages are the norm and will simply be referred to as mortgages Combinations of fixed and floating rate are also common whereby a mortgage loan will have a fixed rate for some period and vary after the end of that period
In a fixed rate mortgage the interest rate and hence periodic paymentremains fixed for the life (or term) of the loan Therefore the payment is fixed although ancillary costs (such as property taxes and insurance) can and do change For a fixed rate mortgage payments for principal and interest should not change over the life of the loan
In an adjustable rate mortgage the interest rate is generally fixed for a period of time after which it will periodically (for example annually or monthly) adjust up or down to some market index Adjustable rates transfer part of the interest rate risk from the lender to the borrower and thus are widely used where fixed rate funding is difficult to obtain or prohibitively expensive Since the risk is transferred to the borrower the initial interest rate may be from 05 to 2 lower than the average 30 year fixed rate the size of the price differential will be related to debt market conditions including the yield curve
The charge to the borrower depends upon the credit risk in addition to the interest rate risk The mortgage origination and underwriting process involves checking credit scores debt to income downpayments and assets Jumbo mortgages and subprime lending are not supported by government guarantees and face higher interest rates
抵押贷款
抵押贷款种通抵押票作物品保证证明贷款存通常动产动产做担保通发放抵押贷款确保贷款贷款项目生活中常见抵押词部分情况抵押指抵押贷款
抵押翻译死亡契约法国法律术语相职责义务旅行完毕者财产通丧失频频赎回权接时候抵押结束
购房者建设者够获融资（贷款）购买取财产金融机构银行直接间接通中介机构贷款规模贷款期限利率偿贷款方法特点揭贷款特点差
许司法辖区正常购房通揭贷款拨付样（印度尼西亚巴厘岛例外）里少数足够储蓄流动资金够购买财产置业需求较高高国家强劲国市场已发展起
抵押贷款基础知识
基概念法律规制
英美财产法规定者（通常动产者）承诺财产作抵押抵押贷款项抵押贷款算产生说绝数抵押快速获项新带库抵押词已成种动产作抵押贷款通语言类型贷款样抵押贷款存着利率定时间必须偿时间通常三十年抵押贷款中类型房成作抵押通常确实样作抵押贷款抵押品承受定利率般反映出贷款需承受风险利率
抵押贷款许国家资助住宅商业物业私权机制然术语精确表格通国家基成分相似：分点：
房产：理解物理住权具体形式会国家国家限制出类型贷款
抵押：物业贷款需财产处置限制权利限制包括求购买房屋保险抵押贷款保险出售物业前清未偿债务
款：款谁已正创造该财产权利益
贷款：贷款通常银行金融机构
贷款拥通抵押支持证券抵押贷款利息投资者种情况初贷款称贷款发放然包销售贷款投资者款支付贷款服务机构收集
金：贷款原始金额包括某费原始金偿金降
利息：财务费贷款钱
止赎收回：贷款权取消抵押品赎回权收回扣押某情况属性揭贷款必需性没方面贷款说类型贷款相
许具体特点许市场基特征政府通常调节揭贷款许方面直接（通法律求）间接（通参者金融市场银行业监）常通国家干预（直接贷款政府国银行种实体赞助）定义特定抵押贷款市场方面区域性历史法律财务制度具体特点推动
揭贷款般长期贷款定期付款类似年金货币时间价值计算基安排需段十三十年月固定支付取决条件期间贷款（原贷款）组成部分通摊销慢慢偿实践中全球许国家会变体
贷款提供资金财产赚取利息收入般资金身（例通接受存款发行债券）该贷款钱价格影响贷成许国家贷款出售揭贷款方谁意款收现金支付流安全形式（通证券化方式）
抵押贷款考虑揭贷款（感知）风险程度说受损失性资金偿（通常认款信功）果偿贷款够取消抵押品赎回权收回部分全部血涉某情况金融利率风险时间延迟
抵押贷款类型
全球范围抵押贷款种类型素广泛定义抵押特性受方性法规法律求
利息：月利息固定周期定义某贷款变量改变生活利率然更高更低
期限：揭贷款般长期限年数摊销贷款偿揭贷款没摊销求特定日期全额款余额甚负摊销
付款金额频率：周期付款频率支付金额某情况段支付金额改变款必须增加减少支付金额选项
预付款项（提前款）：某类型抵押贷款会限制预付费贷款部分者贷款提前款求贷款支付定罚款
分期付款基两种类型固定利率抵押调利率抵押两种基类型中调利率抵押贷款常见抵押贷款许国家（美国）浮动利率抵押贷款标准会简单作抵押称固定浮动率组合普遍抵押贷款时间固定速率该期间结束会改变
固定利率抵押贷款中利率定期付款保持固定贷款期限（期）变支付固定配套费（物业税保险）做相应改变固定利率抵押贷款金利息应该超贷款期限变化
调整利率抵押贷款利率般固定段时间会定期（例年月）调调市场指数调整利率贷款转移利率风险部分款广泛中固定利率资金难取昂贵风险转移款初始利率05％均30年固定率降低2％价格差异债务市场条件包括收益曲线
利率风险外存着信风险抵押贷款发起承销程包括信评分债务收入首付例资产中包括着额抵押贷款次级抵押贷款争睹担保支持会面着更高利率
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A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan However the word mortgage alone in everyday usage is most often used to mean mortgage loan
The word mortgage is a Law French term meaning death contract meaning that the pledge ends (dies) when either the obligation is fulfilled or the property is taken through foreclosure
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution such as a bank either directly or indirectly through intermediaries Features of mortgage loans such as the size of the loan maturity of the loan interest rate method of paying off the loan and other characteristics can vary considerably
In many jurisdictions though not all (Bali Indonesia being one exception) it is normal for home purchases to be funded by a mortgage loan Few individuals have enough savings or liquid funds to enable them to purchase property outright In countries where the demand for home ownership is highest strong domestic markets have developed
Mortgage loan basics
Basic concepts and legal regulation
According to Anglo American property law a mortgage occurs when an owner (usually of a fee simple interest in realty) pledges his or her interest (right to the property) as security or collateral for a loan Therefore a mortgage is an encumbrance (limitation) on the right to 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 As with other types of loans mortgages have an interest rate and are scheduled to amortize over a set period of time typically 30 years All types of real property can be and usually are secured with a mortgage and bear an interest rate that is supposed to reflect the lender＇s risk
Mortgage lending is the primary mechanism used in many countries to finance private ownership of residential and commercial property Although the terminology and precise forms will differ from country to country the basic components tend to be similar
Property the physical residence being financed The exact form of ownership will vary from country to country and may restrict the types of lending that are possible
Mortgage the security interest of the lender in the property which may entail restrictions on the use or disposal of the property Restrictions may include requirements to purchase home insurance and mortgage insurance or pay off outstanding debt before selling the property
Borrower the person borrowing who either has or is creating an ownership interest in the property
Lender any lender but usually a bank or other financial institution
Lenders may also be investors who own an interest in the mortgage through a mortgage backed security In such a situation the initial lender is known as the mortgage originator which then packages and sells the loan to investors The payments from the borrower are thereafter collected by a loan servicer
Principal the original size of the loan which may or may not include certain other costs as any principal is repaid the principal will go down in size
Interest a financial charge for use of the lender＇s money
Foreclosure or repossession the possibility that the lender has to foreclose repossess or seize the property under certain circumstances is essential to a mortgage loan without this aspect the loan is arguably no different from any other type of loan
Many other specific characteristics are common to many markets but the above are the essential features Governments usually regulate many aspects of mortgage lending either directly (through legal requirements for example) or indirectly (through regulation of the participants or the financial markets such as the banking industry) and often through state intervention (direct lending by the government by state owned banks or sponsorship of various entities) Other aspects that define a specific mortgage market may be regional historical or driven by specific characteristics of the legal or financial system
Mortgage loans are generally structured as long term loans the periodic payments for which are similar to an annuity and calculated according to the time value of money formula The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years depending on local conditions Over this period the principal component of the loan (the original loan) would be slowly paid down through amortization In practice many variants are possible and common worldwide and within each country
Lenders provide funds against property to earn interest income and generally borrow these funds themselves (for example by taking deposits or issuing bonds) The price at which the lenders borrow money therefore affects the cost of borrowing Lenders may also in many countries sell the mortgage loan to other parties who are interested in receiving the stream of cash payments from the borrower often in the form of a security (by means of a securitization)
Mortgage lending will also take into account the (perceived) riskiness of the mortgage loan that is the likelihood that the funds will be repaid (usually considered a function of the creditworthiness of the borrower) that if they are not repaid the lender will be able to foreclose and recoup some or all of its original capital and the financial interest rate risk and time delays that may be involved in certain circumstances
Mortgage loan types
There 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 interest may be fixed for the life of the loan or variable and change at certain per defined periods the interest rate can also of course be higher or lower
Term mortgage loans generally have a maximum term that is the number of years after which an amortizing loan will be repaid Some mortgage loans may have no amortization or require full repayment of any remaining balance at a certain date or even negative amortization
Payment amount and frequency the amount paid per period and the frequency of payments in some cases the amount paid per period may change or the borrower may have the option to increase or decrease the amount paid
Prepayment some types of mortgages may limit or restrict prepayment of all or a portion of the loan or require payment of a penalty to the lender for prepayment
The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM) (also known as a floating rate or variable rate mortgage) In many countries (such as the United States) floating rate mortgages are the norm and will simply be referred to as mortgages Combinations of fixed and floating rate are also common whereby a mortgage loan will have a fixed rate for some period and vary after the end of that period
In a fixed rate mortgage the interest rate and hence periodic paymentremains fixed for the life (or term) of the loan Therefore the payment is fixed although ancillary costs (such as property taxes and insurance) can and do change For a fixed rate mortgage payments for principal and interest should not change over the life of the loan
In an adjustable rate mortgage the interest rate is generally fixed for a period of time after which it will periodically (for example annually or monthly) adjust up or down to some market index Adjustable rates transfer part of the interest rate risk from the lender to the borrower and thus are widely used where fixed rate funding is difficult to obtain or prohibitively expensive Since the risk is transferred to the borrower the initial interest rate may be from 05 to 2 lower than the average 30 year fixed rate the size of the price differential will be related to debt market conditions including the yield curve
The charge to the borrower depends upon the credit risk in addition to the interest rate risk The mortgage origination and underwriting process involves checking credit scores debt to income downpayments and assets Jumbo mortgages and subprime lending are not supported by government guarantees and face higher interest rates
抵押贷款
抵押贷款种通抵押票作物品保证证明贷款存通常动产动产做担保通发放抵押贷款确保贷款贷款项目生活中常见抵押词部分情况抵押指抵押贷款
抵押翻译死亡契约法国法律术语相职责义务旅行完毕者财产通丧失频频赎回权接时候抵押结束
购房者建设者够获融资（贷款）购买取财产金融机构银行直接间接通中介机构贷款规模贷款期限利率偿贷款方法特点揭贷款特点差
许司法辖区正常购房通揭贷款拨付样（印度尼西亚巴厘岛例外）里少数足够储蓄流动资金够购买财产置业需求较高高国家强劲国市场已发展起
抵押贷款基础知识
基概念法律规制
英美财产法规定者（通常动产者）承诺财产作抵押抵押贷款项抵押贷款算产生说绝数抵押快速获项新带库抵押词已成种动产作抵押贷款通语言类型贷款样抵押贷款存着利率定时间必须偿时间通常三十年抵押贷款中类型房成作抵押通常确实样作抵押贷款抵押品承受定利率般反映出贷款需承受风险利率
抵押贷款许国家资助住宅商业物业私权机制然术语精确表格通国家基成分相似：分点：
房产：理解物理住权具体形式会国家国家限制出类型贷款
抵押：物业贷款需财产处置限制权利限制包括求购买房屋保险抵押贷款保险出售物业前清未偿债务
款：款谁已正创造该财产权利益
贷款：贷款通常银行金融机构
贷款拥通抵押支持证券抵押贷款利息投资者种情况初贷款称贷款发放然包销售贷款投资者款支付贷款服务机构收集
金：贷款原始金额包括某费原始金偿金降
利息：财务费贷款钱
止赎收回：贷款权取消抵押品赎回权收回扣押某情况属性揭贷款必需性没方面贷款说类型贷款相
许具体特点许市场基特征政府通常调节揭贷款许方面直接（通法律求）间接（通参者金融市场银行业监）常通国家干预（直接贷款政府国银行种实体赞助）定义特定抵押贷款市场方面区域性历史法律财务制度具体特点推动
揭贷款般长期贷款定期付款类似年金货币时间价值计算基安排需段十三十年月固定支付取决条件期间贷款（原贷款）组成部分通摊销慢慢偿实践中全球许国家会变体
贷款提供资金财产赚取利息收入般资金身（例通接受存款发行债券）该贷款钱价格影响贷成许国家贷款出售揭贷款方谁意款收现金支付流安全形式（通证券化方式）
抵押贷款考虑揭贷款（感知）风险程度说受损失性资金偿（通常认款信功）果偿贷款够取消抵押品赎回权收回部分全部血涉某情况金融利率风险时间延迟
抵押贷款类型
全球范围抵押贷款种类型素广泛定义抵押特性受方性法规法律求
利息：月利息固定周期定义某贷款变量改变生活利率然更高更低
期限：揭贷款般长期限年数摊销贷款偿揭贷款没摊销求特定日期全额款余额甚负摊销
付款金额频率：周期付款频率支付金额某情况段支付金额改变款必须增加减少支付金额选项
预付款项（提前款）：某类型抵押贷款会限制预付费贷款部分者贷款提前款求贷款支付定罚款
分期付款基两种类型固定利率抵押调利率抵押两种基类型中调利率抵押贷款常见抵押贷款许国家（美国）浮动利率抵押贷款标准会简单作抵押称固定浮动率组合普遍抵押贷款时间固定速率该期间结束会改变
固定利率抵押贷款中利率定期付款保持固定贷款期限（期）变支付固定配套费（物业税保险）做相应改变固定利率抵押贷款金利息应该超贷款期限变化
调整利率抵押贷款利率般固定段时间会定期（例年月）调调市场指数调整利率贷款转移利率风险部分款广泛中固定利率资金难取昂贵风险转移款初始利率05％均30年固定率降低2％价格差异债务市场条件包括收益曲线
利率风险外存着信风险抵押贷款发起承销程包括信评分债务收入首付例资产中包括着额抵押贷款次级抵押贷款争睹担保支持会面着更高利率
文档香网(httpswwwxiangdangnet)户传
《香当网》用户分享的内容，不代表《香当网》观点或立场，请自行判断内容的真实性和可靠性！
该内容是文档的文本内容，更好的格式请下载文档