Home Loan Qualification

A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise funds to buy real estate; or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is “secured” on the borrower’s property. This means that a legal mechanism is put in place which allows the lender to take possession and sell the secured property (“foreclosure” or “repossession“) to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms. The wordmortgage is derived from a “Law French” term used by English lawyers in the Middle Ages meaning “death pledge”, and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.[1] Mortgage can also be described as “a borrower giving consideration in the form of a collateral for a benefit (loan).

Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants or an investment portfolio). The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender’s rights over the secured property take priority over the borrower’s other creditors which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first.

In many jurisdictions, though not all (Bali, Indonesia being one exception[2]), it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed.

Somers Point

Somers Point is a city in Atlantic CountyNew Jersey,United States. At the 2010 United States Census, the city’s population was 10,795,[10][11][12] reflecting a decline of 819 (-7.1%) from the 11,614 counted in the 2000 Census, which had in turn increased by 398 (+3.5%) from the 11,216 counted in the 1990 Census.[21]

 

The City of Somers Point is in the eastern part of Atlantic County, southwest of Atlantic City.

Somers Point was once known as the Somerset Plantation and its settlement started around 1693. The Somers Mansion, with a commanding view of Somers Point’s harbor, was built in 1725. Somers Point was designated as a port of entry in 1791 and remained one until it was abolished in 1915.[22][23]

Somers Point was originally incorporated as a borough by an act of the New Jersey Legislature on April 24, 1886, from portions of Egg Harbor Township, based on the results of a referendum held five days earlier. The borough was reincorporated on April 2, 1890, based on the previous day’s referendum. Somers Point was incorporated as a city on April 9, 1902, from all of Somers Point borough and additional portions of Egg Harbor Township.[24][25] The borough was named for John Somers.[26][27]