Whois & Analysis for mymortgageinsider.com

A mortgage loan, also referred to as a mortgage, is used either by purchasers of real property to raise funds to buy real estate; or alternatively 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.

Refinancing may refer to the replacement of an existing debt obligation with another debt obligation under different terms.

The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as, inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower's credit worthiness, and credit rating of a nation.

In many industrialized nations, a common form of refinancing is for a place of primary residency mortgage.

The Federal Housing Administration (FHA) is a United States government agency created in part by the National Housing Act of 1934.

It sets standards for construction, underwriting, and insures loans made by banks and other private lenders for home building.

The goals of this organization are to improve housing standards and conditions, provide an adequate home financing system through insurance of mortgage loans, and to stabilize the mortgage market.

The Acting Commissioner of the FHA is Biniam Gebre.

The United States Department of Agriculture (USDA), also known as the Agriculture Department, is the U.S. federal executive department responsible for developing and executing federal laws related to farming, agriculture, forestry, and food.

It aims to meet the needs of farmers and ranchers, promote agricultural trade and production, work to assure food safety, protect natural resources, foster rural communities and end hunger in the United States and internationally.

Lenders mortgage insurance (LMI), also known as private mortgage insurance (PMI) in the US, is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan.

It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property.

Typical rates are $55/mo.

per $100,000 financed, or as high as $125/mo.

for a typical $200,000 loan.