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MORTGAGE EXPLANATION

MORTGAGE EXPLANATION

This is a discussion on MORTGAGE EXPLANATION within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; This following explanation was sent to me by Reece Wrenn with Wachovia Mortgage and I found it very informative & ...

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Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

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11-13-2008, 05:04 AM

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MORTGAGE EXPLANATION

This following explanation was sent to me by Reece Wrenn with Wachovia Mortgage and I found it very informative & hope that you do also. “I thought this was one of the better explanations of what is going on in the bmortgage/b market. b.../b

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