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Mortgages - Essay Example
Finance & Accounting
Pages 3 (753 words)
It is a common fact that many people around the world opt to apply for a loan from a bank to solve an urgent personal crisis, make an investment, or buy a personal asset that is highly priced. …
According to Boleat and Coles, the common trend is that after getting a gainful employment and after completing studies, most people will always opt to buy a home which is consider a wise investment since the homeowners would soon avoid paying rent, which takes up a big chunk of a person’s total earning (18-19). It is because of this reason that mortgage products have become very popular across the world and they have enabled many people become homeowners. However, mortgage facilities present certain problems to the borrowers, which will be discussed in this present essay and even how they affect the economy of the United States. Secondly, the essay will discuss recent act of legislations or proposal by the United States’ federal government that pertains to the problems that would be highlighted. Current problems faced by mortgagors and even the mortgage industry The nature of mortgage facility is that the borrower pays a monthly premium plus interest which is flexible meaning that the rate of the interest may increase or decrease depending on the market condition. ...
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