Money is an ever-present necessity, and often we require substantial amounts of money outright which we do not possess. One good way to raise money is through loans, but beyond a certain range, loans are not sanctioned. The other way is to pledge something as collateral or guarantee, and then get the loan amount. Thus, “a mortgage is a method of using property as security for the payment of a debt”. Technically, the term mortgage is a legal device used in securing the pledged property, but in practice it also commonly refers to the debt secured by the mortgage. In most jurisdictions mortgages are associated with loans secured on real estate (such as house) rather than other, and in some cases only land can be mortgaged.
In a mortgage, there are two parties- the creditor (variously called mortgagee or lender), and the debtor (variously called mortgagor or borrower). Sometimes the transaction is consummated through middlemen (who, of course, take their own ‘cut’). Mortgages can be of two types: Mortgage by demise (creditor gains full rights over collateral until loan is repaid in full), and Mortgage by legal charge (legally, only partial rights are conveyed to the creditor; in use in most jurisdictions today). In most countries today Mortgaging business has come under strict policy framework, and is a heavily regulated sector so as to ensure the interests of the debtors. Various mortgaging services are available to offer debt, but mostly it is sanctioned in real estate transactions only, although other forms of transactions do take place through mortgage.
In this section of the webdirectory, we offer a comprehensive list of mortgaging services to take care of your needs.