From noss1233 at gmail.com Wed Aug 22 07:25:30 2007 From: noss1233 at gmail.com (Tommy Lee) Date: Wed Aug 22 07:25:43 2007 Subject: [Jsight-prgusr] NUMBER ONE Success System Message-ID: http://www.noss123.com/ According to Anglo-American property law a *mortgage* occurs when an owner (usually of a fee simple interest in realty) pledges his interest as security or collateral for a loan. Therefore, a mortgage is an encumbrance on property just as an easement would be, but because most mortgages occur as a condition for new loan money, it has become known as a the generic term for a loan secured by such real property. As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time; typically 30 years. All types of real property can, and usually are, secured with a mortgage and bear an interest rate that is supposed to reflect the lender's risk. Mortgage lending is the primary mechanism used in many countries to finance private ownership of residential property. For commercial mortgages see the separate article. Although the terminology and precise forms will differ from country to country, the basic components tend to be similar: - Property: the physical residence being financed. The exact form of ownership will vary from country to country, and may restrict the types of lending that are possible. - Mortgage: the security created on the property by the lender, which will usually include certain restrictions on the use or disposal of the property (such as paying any outstanding debt before selling the property). - Borrower: the person borrowing who either has or is creating an ownership interest in the property. - Lender: any lender, but usually a bank or other financial institution. - Principal: the original size of the loan, which may or may not include certain other costs; as any principal is repaid, the principal will go down in size. - Interest: a financial charge for use of the lender's money. Foreclosure or repossession: the possibility that the lender has to foreclose, repossess or seize the property under certain circumstances is essential to a mortgage loan; without this aspect, the loan is arguably no different from any other type of loanBy participating in* Number One Success System* and willingly giving a gift to one or more of its participants, the donor of such a gift has chosen to extinguish all rights to the gift and cannot rightfully expect or depend on *Number One Success System* or any of its participants for any type of monetary compensation. -------------- next part -------------- An HTML attachment was scrubbed... URL: http://bioinformatics.org/pipermail/jsight-prgusr/attachments/20070822/0f24f9ba/attachment.html