Mortgage – A loan secured by the collateral of some specified real estate property that the borrower is obliged to pay back with predetermined set of payments.

October 10, 2006 — Leave a comment

Mortgage – A loan secured by the collateral of some specified real estate property that the borrower is obliged to pay back with predetermined set of payments.

Notes:

The difference between mortgage rates and GIC rates is the profit that the bank makes. If mortgage rates are at 8% and GICs are paying 5% the bank makes 3%.See also: Adjustable Rate Mortgage (ARM), Conforming Loan, Conventional Mortgage, Fannie Mae, Fixed Interest Rate(mortgage), GIC, House Poor, Hypothecation, Lien, Loan, Mortgage Broker, Partial Release, Variable Interest Rate(mortgage) Sources=Sources | 131072
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