Home Mortgage

(redirected from Home Mortgages)

Home Mortgage

A loan used to buy real estate where one resides. A home mortgage is secured by the property it is used to purchase. One must make monthly payments on a home mortgage, and there is a set term before full payment is due, often 15, 20 or 30 years. Some mortgages have fixed interest rates, while others have variable interest rates. If one defaults on a home mortgage, the bank making it may take possession of the real estate and sell it to recover its investment. Some banks, notably savings and loans, specialize in making mortgage loans. In the United States, home mortgages have more favorable tax implications than mortgages on other properties. See also: Mortgage-backed security.
References in periodicals archive ?
32--Requirements for Certain Closed-End Home Mortgages, under Paragraph 32(a)(1)(ii), paragraph 2.
3 million home mortgages in 1999 at a value of $124 billion.
Low interest rates and an expanding economy are boosting demand for homes and home mortgages.
Such tax reductions frequently are so significant as to more than offset the higher interest rates of business or personal loans compared with home mortgages.
Recent federal data reveal blacks of virtually all income groups get less credit--including home mortgages, consumer credit and business loans--than any other American group.