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30-year MortgageThis is a discussion on 30-year Mortgage within the Credit Problems and Repair forums, part of the Mortgage and Loans Forum category; A 30-year mortgage is a secured loan used to purchase real estate. In exchange for the money that is borrowed ... |
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01-26-2011, 05:17 AM
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30-year Mortgage
A 30-year mortgage is a secured loan used to purchase real estate. In exchange for the money that is borrowed from a lender, a borrower agrees to use the property as security for the mortgage. If the borrower defaults on the mortgage loan, the lending institution has the right to obtain possession of the property from the borrower. When selecting a mortgage loan, a borrower can choose the period in which to repay the lender. The two most common loan terms today are the 15-year and the 30-year mortgage. If a borrower selects a 15-year mortgage, he agrees to repay the amount borrowed and any and all interest within 180 monthly payments, or 15-years from the date of the loan. If a borrower selects a 30-year mortgage, he agrees to repay the amount borrowed and any and all interest within 360 monthly payments, or 30 years from the date of the loan.
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