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| A mortgage is a loan secured against the collateral of your home or property. Other common variants of a mortgage are home loans, housing loans and property loans.
A mortgage occurs when the mortgagor (owner) pledges his / her ownership of the property as collateral for the loan. A property mortgaged to the bank is an encumbered property. The title deed is then withheld by the bank/financial institution. When the borrower defaults on his mortgage, it gives the bank the right to foreclose the house/property to recover the monies that they have lend out to the mortgagor or borrower. A property that is fully paid up is called an unencumbered property. For more information, visit: http://www.mortgagesupermart.com.sg/resources/articles/167-mortgage-backed-securities-101 |