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1、Mortgage Loan A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most oft
2、en used to mean mortgage loan. The word mortgage is a Law French term meaning death contract, meaning that the pledge ends (dies) when either the obligation is fulfilled or the property is taken through foreclosure.A home buyer or builder can obtain financing (a loan) either to purchase or secure ag
3、ainst the property from a financial institution, such as a bank, 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. In many
4、 jurisdictions, though not all (Bali, Indonesia being one exception), it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong
5、 domestic markets have developed. Mortgage loan basics Basic concepts and legal regulation According to Anglo American property law, a mortgage occurs when an owner (usually of a fee simple interest in realty) pledges his or her interest (right to the property) as security or collateral for a loan.
6、Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property. As with other types of loans, mo
7、rtgages have an interest rate and are scheduled to amortize over a set period of time, typically 30 years. All types of real property can be, and usually are, secured with a mortgage and bear an interest rate that is supposed to reflect the lenders risk. Mortgage lending is the primary mechanism use
8、d in many countries to finance private ownership of residential and commercial property. Although the terminology and precise forms will differ from country to country, the basic components tend to be similar: Property: the physical residence being financed. The exact form of ownership will vary fro
9、m country to country, and may restrict the types of lending that are possible. Mortgage: the security interest of the lender in the property, which may entail restrictions on the use or disposal of the property. Restrictions may include requirements to purchase home insurance and mortgage insurance,
10、 or pay off outstanding debt before selling the property. Borrower: the person borrowing who either has or is creating an ownership interest in the property. Lender: any lender, but usually a bank or other financial institution. Lenders may also be investors who own an interest in the mortgage throu
11、gh a mortgage backed security. In such a situation, the initial lender is known as the mortgage originator, which then packages and sells the loan to investors. The payments from the borrower are thereafter collected by a loan servicer.Principal: the original size of the loan, which may or may not i
12、nclude certain other costs; as any principal is repaid, the principal will go down in size. Interest: a financial charge for use of the lenders money. Foreclosure or repossession: the possibility that the lender has to foreclose, repossess or seize the property under certain circumstances is essenti
13、al to a mortgage loan; without this aspect, the loan is arguably no different from any other type of loan. Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage lending, either directly (through
14、 legal requirements, for example) or indirectly (through regulation of the participants or the financial markets, such as the banking industry), and often through state intervention (direct lending by the government, by state owned banks, or sponsorship of various entities). Other aspects that defin
15、e a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system. Mortgage loans are generally structured as long term loans, the periodic payments for which are similar to an annuity and calculated according to the time value of money
16、formula. The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years, depending on local conditions. Over this period the principal component of the loan (the original loan) would be slowly paid down through amortization. In practice, many variants are possi
17、ble and common worldwide and within each country. Lenders provide funds against property to earn interest income, and generally borrow these funds themselves (for example, by taking deposits or issuing bonds). The price at which the lenders borrow money therefore affects the cost of borrowing. Lende
18、rs may also, in many countries, sell the mortgage loan to other parties who are interested in receiving the stream of cash payments from the borrower, often in the form of a security (by means of a securitization). Mortgage lending will also take into account the (perceived) riskiness of the mortgag
19、e loan, that is, the likelihood that the funds will be repaid (usually considered a function of the creditworthiness of the borrower); that if they are not repaid, the lender will be able to foreclose and recoup some or all of its original capital; and the financial, interest rate risk and time dela
20、ys that may be involved in certain circumstances. Mortgage loan types There are many types of mortgages used worldwide, but several factors broadly define the characteristics of the mortgage. All of these may be subject to local regulation and legal requirements. Interest: interest may be fixed for
21、the life of the loan or variable, and change at certain per defined periods; the interest rate can also, of course, be higher or lower. Term: mortgage loans generally have a maximum term, that is, the number of years after which an amortizing loan will be repaid. Some mortgage loans may have no amor
22、tization, or require full repayment of any remaining balance at a certain date, or even negative amortization. Payment amount and frequency: the amount paid per period and the frequency of payments; in some cases, the amount paid per period may change or the borrower may have the option to increase
23、or decrease the amount paid. Prepayment: some types of mortgages may limit or restrict prepayment of all or a portion of the loan, or require payment of a penalty to the lender for prepayment. The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM)
24、 (also known as a floating rate or variable rate mortgage). In many countries (such as the United States), floating rate mortgages are the norm and will simply be referred to as mortgages. Combinations of fixed and floating rate are also common, whereby a mortgage loan will have a fixed rate for som
25、e period, and vary after the end of that period. In a fixed rate mortgage, the interest rate, and hence periodic payment,remains fixed for the life (or term) of the loan. Therefore the payment is fixed, although ancillary costs (such as property taxes and insurance) can and do change. For a fixed ra
26、te mortgage, payments for principal and interest should not change over the life of the loan, In an adjustable rate mortgage, the interest rate is generally fixed for a period of time, after which it will periodically (for example, annually or monthly) adjust up or down to some market index. Adjusta
27、ble rates transfer part of the interest rate risk from the lender to the borrower, and thus are widely used where fixed rate funding is difficult to obtain or prohibitively expensive. Since the risk is transferred to the borrower, the initial interest rate may be from 0.5% to 2% lower than the avera
28、ge 30 year fixed rate; the size of the price differential will be related to debt market conditions, including the yield curve. The charge to the borrower depends upon the credit risk in addition to the interest rate risk. The mortgage origination and underwriting process involves checking credit sc
29、ores, debt to income, downpayments, and assets. Jumbo mortgages and subprime lending are not supported by government guarantees and face higher interest rates. 抵押贷款 抵押贷款是一种通过使用抵押票据作为物品保证的，来证明贷款的存在的，通常用动产和不动产做担保，并通过发放抵押贷款来确保贷款的贷款项目。在我们的生活中，经常见到“抵押”这个词儿，在大部分情况下，抵押指的就是抵押贷款。“抵押”也可以翻译为“死亡契约”，这是一个法国的法律术语，
30、相当于在当职责义务旅行完毕之后，或者财产通过丧失地频频赎回权被接管时候，抵押就结束了。 一个购房者或建设者能够获得融资（贷款，）要么购买或取得对财产的金融机构，如银行，直接或间接地通过中介机构。如贷款规模，贷款期限，利率，偿还贷款的方法，以及其他特点按揭贷款的特点也有很大差别。 在许多司法管辖区，正常的购房通过按揭贷款拨付，但不是所有的都是这样（印度尼西亚的巴厘岛是一个例外）在这里，只有少数人有足够的储蓄或流动资金，使他们能够购买财产。在置业的需求比较高高的国家，强劲的国内市场已经发展起来了。 抵押贷款基础知识 基本概念和法律规制 据英美财产法的规定，当所有者（通常是不动产所有者）承诺将他的财
31、产作为抵押或抵押贷款，一项抵押贷款就算产生了。因此可以说，绝大多数的人抵押都是为了快速获得一项新的带库看，所以“抵押”这个词儿已经成为由这种不动产作抵押的贷款的通用语言，和其他类型的贷款一样，抵押贷款也存在着利率，而且在一定的时间之内必须偿还，这个时间通常是三十年。在抵押贷款中，所有的类型的房地成都可以作为抵押，并且通常也确实是这样的，作为抵押贷款的抵押品并且承受一定的利率，这一般是可以反映出贷款人所需要承受的风险的利率。抵押贷款是许多国家用来资助住宅和商业物业的私人所有权的主要机制。虽然术语和精确的表格将通过国家不同而不同，其基本成分往往是相似的：分别为以下几点： 房产：可以理解为物理住所。
32、所有权的具体形式可能会有所不同从国家到国家，并限制了可能的出借类型的贷款。 抵押：在物业贷款人，这可能需要对财产的使用或处置限制的权利。限制可能包括要求购买房屋保险和抵押贷款保险，或出售物业前还清未偿债务。 借款人：个人借款无论谁已经或正在创造该财产的所有权利益。 贷款人：任何贷款人，但通常是银行或其他金融机构。 贷款人也可能是拥有通过抵押支持证券在抵押贷款利息的投资者。在这种情况下，最初的贷款人是被称为贷款发放人，然后打包和销售贷款给投资者。从借款人的支付此后由贷款服务机构收集。 本金：贷款的原始金额，可以不包括某些其他费用的原始大小;因为任何本金偿还，本金的大小将下降。 利息：财务费用使用
33、的贷款人的钱。 止赎或收回：贷款人有权取消抵押品赎回权，收回或扣押在某些情况下属性是按揭贷款所必需的可能性;没有这方面，贷款可以说是和其他类型的贷款是相同的。 许多其他的具体特点是共同的许多市场，但以上是基本特征。政府通常调节按揭贷款的许多方面，不论是直接（通过法律要求）或间接（通过参与者或金融市场，如银行业的监管），并经常通过国家干预（直接贷款由政府由国有银行，还是各种实体的赞助）。定义一个特定的抵押贷款市场的其他方面可能是区域性的，历史的，或由法律或财务制度的具体特点推动。 按揭贷款的一般是长期贷款，定期付款这是类似年金，并货币的时间价值来计算。最基本的安排需要一段十到三十年每月固定支付，
34、这取决于当地的条件。在此期间，贷款（原贷款）的主要组成部分将通过摊销慢慢偿还了。在实践中，全球许多国家都会有变体。 贷款人提供资金，对财产赚取利息收入，一般借用这些资金本身（例如，通过接受存款或发行债券）。因此，在该贷款人借钱的价格影响了借贷成本。在许多国家，贷款人也可以出售按揭贷款给其他方谁是有意从借款收到的现金支付流，往往在一个安全的形式（通过证券化的方式）。 抵押贷款也将考虑到按揭贷款的（感知）风险程度，也就是说，受到损失的可能性，资金将被偿还（通常被认为借款人的信用的功能）;如果他们得不到偿还，贷款人将能够取消抵押品赎回权和收回部分或全部血本;并可能涉及在某些情况下在金融，利率风险和时
35、间延迟。 抵押贷款的类型 全球范围内使用的抵押贷款是有多种类型的，但几个因素广泛定义抵押的特性。所有这些可能受地方性法规和法律要求。 利息：月利息可固定在每个周期定义的某些贷款或变量，改变生活;利率也可以，当然，更高或更低。 期限：按揭贷款一般有最长期限，也就是年数后的摊销贷款将偿还。有些按揭贷款可能没有摊销，或要求在特定日期全额还款的余额，甚至负摊销。 付款金额和频率：每个周期和付款的频率支付的金额;在某些情况下，每一段所支付的金额可以改变或借款人可能必须增加或减少支付的金额的选项。 预付款项（提前还款）：某些类型的抵押贷款可能会限制所有的预付费或贷款的一部分，或者对贷款人的提前还款要求向贷
36、款人支付一定的罚款。 分期付款的最基本的两种类型是固定利率抵押和可调利率抵押，这两种基本类型中的可调利率抵押贷款也就是常见的抵押贷款。在许多国家（如美国），浮动利率抵押贷款的标准，并会简单地作为抵押称。固定和浮动率的组合也很普遍，由此抵押贷款将有一些时间以固定速率，并且该期间结束后也会改变。 在固定利率抵押贷款中，利率和定期付款，保持在固定的贷款期限（或任期）内不变。因此，支付是固定的，但配套费用（如物业税和保险）却可以做相应的改变。对于固定利率抵押贷款，本金和利息不应该超过贷款期限内的变化。 在可调整利率抵押贷款，利率一般是固定的，一段时间后，它会定期（例如每年或每月）上调或下调一些市场指数。可调整利率从贷款人转移利率风险的一部分借款人，因而被广泛使用，其中固定利率资金难以取得或昂贵。由于风险被转移到借款人，初始利率可以是从0.5至比平均为30年固定率降低2;价格差异的大小将与债务的市场条件，包括收益曲线。 除了利率风险外，还存在着信用风险。在抵押贷款发起和承销过程包括信用评分，债务收入，首付比例和资产都在其中包括着。大额抵押贷款以及次级抵押贷款都不为争睹担保及支持，所以会面临着更高的利率。