Mortgage marketing facts
With the mortgage scandal boiling over, it is important to note that mortgage marketing created mortgages are not being hit by the same default rates as mortgages made by sub-prime lenders. 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, the word mortgage has simply become the generic term for what is basically a loan secured by such real property. A fixed rate or conventional mortgage is a mortgage with a fixed term and a fixed interest rate based on the index or prime rate.