In past few years, mortgage industry has been changed tremendously. This article is going to make you aware about some surprising facts about mortgage industry and underwriters.
Mortgage is a French word that means “dead pledge”. In other words, borrowers have to pay back loan or have to lose its collateral property. A plenty of borrowers and third parties even don’t know the exact percentage of annual rate that lending company is going to being charged. According to recent survey of CNN Money, a third party does not have any idea regarding annual percentage rate that lending authorities charge. However, mortgage consultation companies can give rough ideas regarding annual percentage rates.
From last 30 years, interest rates of mortgages have not been changed. To pay mortgage loan is a great thing for people especially in Scotland, people painted their front doors with red color after paying mortgage. Similarly, in some countries, borrowers can get mortgage more than 100 percent that is also more than from actual amount of their mortgage property. At the last, you can also not quit your job until you make payment of your mortgage loan.