The differences between a mortgage and a pledge:
1. The Security in Mortgaged is an immovable property, while in a pledge it is a movable property.
2. In a pledge the ownership of the pledged property remains with the debtor (the pledgor or borrower). In a mortgage, the ownership of the mortgaged property is transfered to the creditor (banker or mortgagee).
3. Delivery of the property is essential to a pledge; hence the goods delivered by the pledgor or borrower will be in the custody of the banker. But, in a mortgage, the possession of the property will be with the borrower.
4. In a pledge, the banker (pledgee) can sell the pledged property without the intervention of the Court. In a mortgage, except in English mortgage, a mortgagee can sell the property only with the permission of the Court.
5. A pledgee does not have the right of foreclousure (i.e. cannot debar the pledgor or the borrower from taking or redeeming the pledged property). But, in a mortgage, a mortgagee (borrower) has the right of foreclousre, i.e., can debar the borrower from taking back the mortgaged property under certain circumstances.
M.J.SUBRAMANYAM, XCHANGING, BANGALORE
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
There is not much difference between collateral and pledge. If you put something up as collateral, if you fail to pay the loan, the item that you pledged will be taken. Either word can be used.
The difference between fixed and variable mortgages are that in a fixed mortgage, the rate can not change. In a variable mortgage, the rate changes with time.
There are many differences between a wholesale mortgage lender and a mortgage banker. Lenders lend the money to fund loans and the bankers may be secondary lenders.
The difference between a mortgage and a home equity loan is that with a mortgage you're just being "loaned" the money and will be paying it back over a period of them and with a home equity loan you can withdraw funds on a needed basis.
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
There is not much difference between collateral and pledge. If you put something up as collateral, if you fail to pay the loan, the item that you pledged will be taken. Either word can be used.
There is not much difference between collateral and pledge. If you put something up as collateral, if you fail to pay the loan, the item that you pledged will be taken. Either word can be used.
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The difference between a fixed second mortgage and one with a variable rate is that fixed second mortgage has a fixed rate and is commonly thought of as safer than a mortgage with a variable rate.
The difference between fixed and variable mortgages are that in a fixed mortgage, the rate can not change. In a variable mortgage, the rate changes with time.
There are many differences between a wholesale mortgage lender and a mortgage banker. Lenders lend the money to fund loans and the bankers may be secondary lenders.
A Mortgage is a pledge of real property to a creditor as security for the repayment of a debt involving the property.
The difference between a mortgage and a home equity loan is that with a mortgage you're just being "loaned" the money and will be paying it back over a period of them and with a home equity loan you can withdraw funds on a needed basis.
The main difference between an 30 year mortgage and a 15 year mortgage would be the monthly cost. The 30 year would be cheaper payments but the loan interest would cost more.
A mortgage is taken out for the sole purpose of paying for and acquiring a home. A home equity loan is taken out on a property where you already have a mortgage or have paid off the mortgage and want to release some of the difference between the value of your home and the balance of any remaining mortgage to spend on other purposes.
Mortgage companies typically employ brokers who are paid commissions based on sales. This is the main difference, but not only.