There are 1 blog entries for September 2010.
Wednesday, September 15th, 2010 at 11:03am. 2665 Views, 0 Comments.
What is a Mortgage?
Simply put- A mortgage is loan made to a purchaser that is secured by real estate. In other words, in exchange for providing the necessary funds to procure real estate, the lender enters into a contract with the buyer stipulating the conditions for pay-back of the principal with interest. In the event of non-payment of the amounts as agreed upon, the lender is empowered to take possession of the property. Typically the repayment occurs through a process of monthly payments over a predefined period of time.
Why Buy Instead of Rent?
Buying a home is largely considered to be a sensible investment as opposed to renting, as the value of a home historically appreciates over a period of time. As the years…