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Created with Fabric.js 1.4.5 double click to change this header text! MORTGAGES Mortgages are the charging of real property by a debtor to a creditor as security for a debt, on the condition that it shall be returned on payment of the debt within a certain period. The average interest rate (proportion of a loan that is charged to the borrower) in 2014 is 4.08% for a 30-year fixed-rate. For a 15-year fixed-rate the interest rate is 3.29% The most influential determinant of your mortgage rate will be your credit score. The higher your score, the lower the interest rate. What happens if you go in default of mortgage? When it comes to real estate, your default risks run higher amid an economic downturn that in turn affects your ability to collect rental income. To manage financial risks, all parties exposed to the real estate market should learn to define mortgage default as it relates to foreclosure. 1.36 million houses were foreclosed in 2013. Foreclosure happens when you don't pay your mortgage. When you take out a mortgage, your lender typically notifies the three major credit bureaus and shares information about the size of the loan, the monthly payment amount and the term of the loan Average mortgage debt: $147,591. The monthly mortgage payment on a 50,000 dollar house is 937.84. The monthly mortgage payment on a 100,000 dollar house is $989.92. The monthly mortgage payment on a 500,000 dollar house is $1,406.59. How much is your monthly mortgage?
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