What are some examples of mortgages?

Answer 1

Any form of money loaned using real property as security is a mortgage. The mortgage must then be recorded in the land records. The most common types are repayment, whereby a small contribution is made to the capital borrowing monthly, or various interest-only payments which are paid off at the end of the term via some sort of savings plan, such as an endowment policy. There are various types; variable which follow interest rates; fixed interest which doesn't change; tracker which follows interest rates within a certain band.

Types of mortgages:

fixed rate

variable rate

blanket

equity line

reverse

construction

bridge

sub-prime

purchase money

private

pro-rated