The debtor in a mortgage arrangement is also known as the mortgagor. The debtor’s obligations are specified in the initial mortgage contract, including paying fees and making regular payments on the mortgage. If the fees are paid late, a financial penalty may be imposed. Usually a certain amount of lateness is permitted without penalty. This [...]

Mortgage delinquency occurs when a mortgagor fails to make the required monthly payment on a mortgage in a timely fashion. The mortgage agreement will specify a date each month by which the payment should be made. In addition to this, there is usually a period of time during which late payments are overlooked. This is [...]

Mortgages require borrowers to make monthly payments by an agreed date to service their debt. Some mortgages also grant a “grace period” which is the length of time after the agreed payment debt in which a payment can be made without incurring a penalty fee. A grace period is often ten to fifteen days in [...]

In most modern economies in the developed world a large of variety of interest rates will be charged on the various debt products which exist. These interest rates represent regular payments which debt holders must make in order to service their debts. Interest rates must be at least match the inflation rate, otherwise the lender [...]

Lending institutions employ careful screening methods to decide who qualifies for a mortgage and exactly what value of mortgage they qualify for. Applicants must usually fill out forms, giving a great deal of personal information, financial information and mortgage information to the prospective lender. Most importantly, mortgage lenders look for a stable work history. If [...]