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Homeowners face mortgage shock

Homeowners face mortgage shock

This is a discussion on Homeowners face mortgage shock within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; If you would prefer a variable-rate bmortgage/b a tracker is a better option than a discount. Once you are locked ...

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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, 09:28 PM

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Homeowners face mortgage shock

If you would prefer a variable-rate bmortgage/b a tracker is a better option than a discount. Once you are locked into a tracker you are guaranteed to benefit fully from any rate cuts – C&G’s rate hicke only affects new borrowers.

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