There are many different types of mortgages in the finance and real estate market. However, one of the most popular types of mortgage loans is a blanket mortgage. What does a blanket mortgage mean? The idea behind a blanket mortgage is quite simple – get a single loan by putting up more than one piece of real estate as collateral.

A no documentation mortgage is a kind of mortgage that does not require mortgage lenders to note down or document the mortgage borrower’s assets or incomes. In the present times, no documentation mortgages are no longer issued. In fact, these mortgages are sometimes considered illegal as they completely violate the primary requirement of lending, i.e.

Any mortgage that you take after a primary or first or senior mortgage is called a junior mortgage. If your house faces a foreclosure, you will be required to pay the senior mortgage first. How a second mortgage works A second mortgage or a junior mortgage is a type of loan that is granted to you against a house that already has a loan on it.

Once you have found the right home for yourself, you need the right type of mortgage. There are two types of mortgages: conforming and non-conforming. Conforming mortgages conform to standard guidelines of banks. Mortgages that do not conform to standard loan criteria or that do not meet the guidelines of government-sponsored enterprises (GSEs), and therefore cannot be sold to them are called non-conforming mortgages.

Mortgages are a way to cover the shortage of funds when the requirement inevitably occurs. The simple fact is that a mortgage loan is an easy loan to get. As long as the curation and inspection of the asset pass a standard mark, any financial institution is happy to lend out the money, because there is always collateral to go with the deal.

Mortgage insurance is an insurance policy to protects lenders in the case of defaults on payments by the borrower or in the case of death of the homeowner. Mortgage insurance can be paid in two ways. It can be paid in the form of a lump sum payment at the start of the mortgage term or can be paid during the term of the mortgage loan.

The market is an extremely unreliable place. We have witnessed its decline for the past several years. If we are to consider the real estate market alone, it has faced a lot of criticism for being a highly unreliable marketplace. Fortunately, we have experienced nothing but growth in the real estate sector for over a decade now.

Everybody knows about the Adjustable Rate Mortgage (ARM) but not many know about a balloon loan and how it can help individuals manage their financial needs without getting into the EMI hassle. This type of mortgage has been around for decades now but it is not as advertised and used as other types.