Why Do People Need Mortgages?

Mortgage

ПРЕЗЕНТАЦИЯ ВЫПОЛНЕНА

ПРЕПОДАВАТЕЛЕМ АНГЛИЙСКОГО ЯЗЫКА

ГБПОУ «НИЖЕГОРОДСКОГО ГУБЕРНСКОГО КОЛЛЕДЖА»

КУЗНЕЦОВОЙ СВЕТЛАНОЙ ИВАНОВНОЙ.

2021

What Is a Mortgage?

Mortgages are loans that are used to buy homes

and other types of real estate.

Mortgages Work

• Individuals and businesses use mortgages to buy real estate without paying the entire purchase price upfront.
• The borrower repays the loan plus interest over a specified number of years until they own the property free and clear.
• Mortgages are also known as liens against property or claims on property.
• If the borrower stops paying the mortgage, the lender can foreclose on the property.

The Mortgage Process

• Would-be borrowers begin the process by applying to one or more mortgage lenders.
• The lender will ask for evidence that the borrower is capable of repaying the loan.
• The lender will generally run a credit check.
• If the application is approved, the lender will offer the borrower a loan of up to a certain amount and at a particular interest rate.
• Homebuyers can apply for a mortgage after they have chosen a property to buy.
• Being pre-approved for a mortgage can give buyers an edge in a housing market because sellers will know that they have the money to back up their offer.
• Once a buyer and seller agree on the terms of their deal, they or their representatives will meet at what's called a closing. 
• The borrower makes their down payment to the lender.
• The seller will transfer ownership of the property to the buyer and receive the agreed-upon sum of money.
• The buyer will sign any remaining mortgage documents.

ПЕРЕВОД для студентов средней степени обученности .

• Потенциальные заемщики начинают процесс, обращаясь к одному или нескольким ипотечным кредиторам.
• Кредитор запросит доказательства того, что заемщик способен погасить кредит.
• Кредитор обычно проводит проверку кредита.
• В случае одобрения заявки кредитор будет предлагать заемщику кредит в размере до определенной суммы и под определенный процент.
• Покупатели недвижимости могут подать заявку на ипотеку после того, как они выбрали недвижимость для покупки.
• Предварительное утверждение ипотеки может дать покупателям преимущество на рынке жилья, потому что продавцы будут знать, что у них есть деньги, чтобы поддержать свое предложение.
• Как только покупатель и продавец согласуют условия сделки, они или их представители встретятся на закрытии сделки.
• Заемщик вносит кредитору предоплату.
• Продавец передаст право собственности на имущество покупателю и получит согласованную денежную сумму.
• Покупатель подпишет все оставшиеся ипотечные документы.

Types of Mortgages

• Mortgages are available in a variety of types, including fixed-rate and adjustable-rate.

• The cost of a mortgage will depend on the type of loan, the term (such as 30 years), and the interest rate the lender charges.

Fixed-Rate Mortgages

With  fixed-rate mortgages ,the interest rate stays the same for the entire term of the loan, as do the borrower's monthly payments toward the mortgage.

A fixed-rate mortgage is also called a traditional mortgage . 

Interest-Only Loans

Interest-Only mortgages can involve complex repayment schedules and are best used by sophisticated borrowers.

Reverse Mortgages

Reverse Mortgages  are a very different financial product.

They are designed for homeowners 62 or older who want to convert part of the equity in their homes into cash.

These homeowners can borrow against the value of their home and receive the money as a lump sum, fixed monthly payment, or line of credit.

The entire loan balance becomes due when the borrower dies, moves away permanently, or sells the home.

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