QWhat Is A Mortgage?
AA mortgage is the most common form of financing for real estate transactions. A mortgage is a legal contract between mortgagee which is generally a bank or other lending institution and a mortgagor which is the borrower. This legal document contains the amount of money borrowed to buy the property and the interest rate that applies. The piece of property is used as collateral in a mortgage. There are many types of mortgages with some of the popular ones being, fixed, adjustable, graduated-payment, graduated-equity, shared-appreciation, and balloon mortgages.