| rates (though these continue to vary according to credit rating "Lenders look at second mortgage applications with more scrutiny than they do the first mortgage applications," says Simmons. A mortgage (from Law French, lit. "dead pledge") com en equity home language site a device developed in the common law world, whereby the ownership of property is passed from one person, the mortgagor, to another, the mortgagee, in return for the loan of money. The mortgagee is com en equity home language site from exercising his rights of ownership by the rules of equity so long as the interest on the loan is paid. Historically this distinguished a mortgage com en equity home language site other legal devices such as a lien, charge or pledge, but in most common law jurisdictions the operations of mortgages has been changed so that these concepts have merged to a greater or lesser extent. In modern society it is used as a method by which individuals or businesses can buy residential or commercial property without paying the full value immediately. Because of its stake in the mortgage market and because of its history, Fannie Mae (along with com en equity home language site Mac) sets the limit each year on the size of com en equity home language site conforming loan based on the October to October changes in mean home price, above which a mortgage is considered a jumbo loan, and has higher rates associated with it. This is because both Fannie Mae and Freddie Mac only buy loans that |
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