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The mortgage as a lien is usually created on real state - a house, for instance. It is more often used deliberately as a method by which individuals or businesses can buy residential or commercial property without paying the full value upfront. The borrower, (the person concerned for taking the real estate by paying a part of the total money on a contract basis) is often called the mortgager. The mortgager then uses a mortgage to pledge real property to the lender, who is more often called the mortgagee. It is usually put forward in the shape of a security against the debt (also called hypothecation) for the rest of the value of the property. Therefore, it is quite evident that a mortgage is of prime importance to the mortgager, and perhaps more to the mortgagee. There are a number of banks and financial companies who provide a whole range of mortgages at different rates. It is also quite obvious that the individual will calculate and look after his own benefit as he would compare the different mortgage rates that are available on the market. This comparison becomes an important activity, as the individual in question is always concerned about his monetary benefit. |
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