What is a Mortgage?
A mortgage is a legal instrument that brings security to a lender when he or she passes money to a borrower. It's a lien on a real estate property used to secure repayment of the money borrowed to purchase a house.
The interest in property is transfered to the mortgage lender, who have the responsability to return this interest to the owner when the debt is totally paid. If a borrower fails to pay the loan, the lender has the right to take the property.
|Mortgage Type||Today||Last Week||Change|
|15 yr fixed mtg refi||3.19%||3.27%||-0.08%|
|5/1 ARM refi||3.15%||3.46%||-0.31%|