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.
Lufkin
Lufkin is a city in and the county seat of Angelina County in eastern Texas, United States.[3] This city is 120 miles (190 km) northeast of Houston. Founded in 1882, the population was 35,067 at the 2010 census.[4]
Lufkin is situated in Deep East Texas.
The city is named for Abraham P. Lufkin, a cotton merchant and Galveston city councilman. Lufkin was the father-in-law of Paul Bremond, president of the Houston, East and West Texas Railway which developed the town.
In 1906 while living in Lufkin, writer Katherine Anne Porter married her first husband John Henry Koontze in a double ring ceremony that also saw her sister Gay Porter marry T.H. Holloway. The minister who presided over the ceremony was Rev. Ira Bryce, serving at the time at Lufkin’s First Methodist Church.
In 1907 Allan Shivers the 37th Governor of Texas was born in Lufkin. He served as governor from 1949 to 1957.
Debris from the Space Shuttle Columbia disaster fell over the Lufkin area on February 1, 2003.
Lufkin celebrated its 125th anniversary in October 2007.