What is a lease? and mortgage? and second mortgage? and equity?
Answers:
ok a lease is a legal contract between the property and a lessee - most people trade name a mistake of thinking that the lease is between the landlord and the lessee but in actuality it is a contract that transfers beside the property when it is sold. This contract is a right of usage or possession. Most leases are drawn up where as an individual provides the owner of said property next to a form of compensation - either monetary or some other form of reimbursment - i.e. "rent".
A mortgage is a promisory note between a purchaser and a lend institution. The note is in repaymen of a loan the lend agent has extended the purchaser in decree to secure the rights of ownership to a piece of real estate atypically but it can be anything that have a marketedable and measurable value.
A second mortgage is a second promissory note that another lender - or at times like lender - extends on the remainder of the value of the aforementioned property - OK and this is where equity comes into the full gig.
Equity is the amount of value on a property that not a soul has any right to claim except for you the owner.
In english - a lease is what you sign in decree to rent an apartment or house. A mortgage is thename of the loan you get in direct to buy a house. A second mortgage is to get more money out of the house or property - it is lent based upon the remaing equity contained by the hoe - or the money you don't owe anyone. - First mortgage is for $150,000.00 but your house is worth $250,000.00 you can find another lending group to loan you the $100,000.00 based upon your equity within your home. Hope this helps it sounds complicated but it really isn't - have a correct day and good luck contained by your endeavors in the real estate world.
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