Mortgages

A mortgage is the transfer of interest in property to a lender to secure a debt, usually a loan of money. Mortgage, in other words, is the collateral for the loan. The most common form of mortgage is the one that is taken out to actually buy the property that is serving as collateral, although mortgages may also be taken out on a property you already own.
Mortgage Loans

A mortgage loan is a loan secured by a transfer of an interest in property to a lender in order to secure the debt. You can take out a mortgage loan on a property you own, or you can take out a mortgage loan to buy the property in the first place. The common factor is that they are both secured by your property.
Mortgage Refinancing

If you take out a fixed rate loan when interest rates are high, it may make sense to refinance it after interest rates have dropped. Similarly, if you apply for any mortgage loan, your terms will depend on a number of variables, including the economy and your credit rating.
FHA Mortgages

The National Housing Act was passed in 1934. The legislation created the FHA in order to regulate the interest rates and mortgage terms based on the loans that it insured. The agency purchased mortgages and insured them, allowing banks to get back on their feet without risking their own capital, and on the other hand, helping people retain their homes. You can apply for an FHA loan just like you would apply any other type of mortgage loans.
VA Mortgages

When the Veteran's Administration began in 1944, it provided veterans with many benefits, including federally guaranteed VA mortgages so they could own a home with no down payment. These are very advantageous mortgages, but are available only to veterans.
Bad Credit Mortgages

If you have bad credit, you may still be able to get mortgage loans. In fact, it may be easier to get bad credit mortgages as compared to other types of loan, because the loan is secured. If you have bad credit, you need to find a lender with easy underwriting guidelines. Typically, lenders who are willing to accept a higher degree of risk will charge you a higher percentage of interest.Home Equity Line of CreditA home equity line of credit is just a line of credit secured by collateral where the underlying collateral is the home. So, if you do not repay the loan, the lender may foreclose on your home.
Construction Loans

Construction loans are used to pay for some kind of construction, and will revert to normal mortgage loans when it is complete. Here too, the property is the collateral.
Reverse Mortgages

Reverse mortgages, or lifetime mortgages, are available to senior citizens, and are used to release the home equity in a property as a lump sum or as multiple payments. Reverse mortgages are like annuities where the principal and interest are paid with the equity of the homeowner.
Foreclosure

A mortgage is a pledge to offer property as collateral when taking out a loan. When you are unable to repay the loan, then the collateral is due to be foreclosed by the lender. You will be notified of the foreclosure on the collateral when you fail to meet the terms of the loan.