Mortgage loan

A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise funds to buy real estate; or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property. This means that a legal mechanism is put in place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a "Law French" term used by English lawyers in the Middle Ages meaning "death pledge", and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. Mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan).

Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants or an investment portfolio). The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender's rights over the secured property take priority over the borrower's other creditors which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first.

Mortgage (disambiguation)

Mortgage may refer to:

See also

Mortgage (film)

Mortgage is a 1990 Australian drama film directed by Bill Bennett.

Plot

Dave and Tina Dodd want to buy a house. They make a contract with shifty John Napper who suggests builder George Shooks.

Production

The film was one of a series of drama documentaries produced at Film Australia for the Nine Network dealing with social issues. It was made using improvisation. Others in the series included Prejudice.

Bill Bennett described it as one of his favourite films.

References

External links

Vehicle

A vehicle (from Latin: vehiculum) is a mobile machine that transports people or cargo. Most often, vehicles are manufactured, such as wagons, bicycles, motor vehicles (motorcycles, cars, trucks, buses), railed vehicles (trains, trams), watercraft (ships, boats), aircraft and spacecraft.

Land vehicles are classified broadly by what is used to apply steering and drive forces against the ground: wheeled, tracked, railed or skied. ISO 3833-1977 is the standard, also internationally used in legislation, for road vehicles types, terms and definitions.

History of vehicles

Vehicle (disambiguation)

A vehicle is a mechanical means of conveyance, a carriage or transport.

Vehicle may also refer to:

See also

Vehicle (song)

"Vehicle" is the one-hit wonder success for the Chicago-based band The Ides of March. It rose to number 2 on the Billboard Hot 100 chart the week of May 23, 1970. It is purported to be the fastest selling single in Warner Bros. Records history.

Written and sung by Jim Peterik, the song features a distinctive horn section riff that is still popular today. The song is often mistaken for the horn driven sound of Blood, Sweat and Tears which was popular in the same time range. Peterik wrote "Vehicle" as a joke.

Fourteen seconds of the completed "Vehicle" master tape (primarily the guitar solo) was accidentally erased in the recording studio. The missing section was spliced in from a previously discarded take.

The song was used in a 2014 commercial for Hardee's restaurants.

Covers