Mortgage

Mortgage - is a form of collateral, where the pledged property remains the property of the debtor and the creditor in case of default of its obligation to the latter acquires the right to obtain satisfaction through the implementation of the property. We must distinguish the concept of mortgages and mortgage lending, in which the bank loan is secured by real estate. Mortgage Loans - one component of the mortgage system. When you receive a credit for the purchase of real property acquired by the real estate itself comes in a mortgage (pledge) to the bank as a guarantee of repayment. Mortgage is also a pledge of an existing real estate owners to get them a loan or a loan, which will be directed to either repair or construction, or for other needs at the discretion of the borrower-mortgagor. In case of default of the principal obligation, penalty appeals only to the mortgaged property and the mortgagee has a preferential right to satisfaction of their claims to other creditors of the debtor. In recent years, is becoming more popular refinancing mortgages, sometimes as high interest rates have become too big a load, especially if the person have some form of major changes to the level of earnings. However, the term "mortgage" first appeared in Greece in the beginning of the VI. BCE. Oe. The ancient Greeks designated as a form of liability of the debtor to the creditor of his land. At the boundary of the land the borrower put a post with an inscription that said that this land secured debt. This post and was called "mortgage", translated from Greek - "prop", "Stand."