This article is about the legal mechanism used to secure the performance of obligations, including the payment of debts, with property. For loans secured by mortgages, such as residential housing loans, and lending practices or requirements, see Mortgage Philippines loan. A mortgage is a method of using property (real or personal) Manila sss housing loan banks bank banking Pagibig gsis Cebu



FINANCING; Philippine Loan, Mortgage

We offer financing for big and small projects (housing loan or mortgage) with your lot as guarantee (collateral).

You can mortgage your lot or 'house & lot'.
Mostly 20% of the assessed/appraised value will be retained.
For example, if the lot and the house will have a combined value of 5M, you can only loan 4M.
The granting of the loan shall be based primarily on the borrower’s credit worthiness, character & reputation, ability to repay the loan, stability of source of repayment and collateral offered.
In other words; depending on the type of loan you wish to have, you need to fill up an application form and you have to submit some documents before we can answer your questions about how much per month you will pay etc.

Philippine mortgage



 Philippine Mortgage

 as security for the performance of an obligation, usually the payment of a debt.

The term mortgage (from old French, lit. dead pledge[1][2]) refers to the legal device used for this purpose, but it is also commonly used to refer to the debt secured by the mortgage, the mortgage loan.


Philippine mortgage companies

In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.

In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom, and the United States.

Contents [hide]
1 Participants and variant terminology
1.1 Creditor
1.2 Debtor
1.3 Other participants
2 Legal aspects
2.1 Mortgage by demise
2.2 Mortgage by legal charge
3 History
4 Foreclosure and non-recourse lending
5 Mortgages in the United States
5.1 Types of Mortgage Instruments
5.1.1 The mortgage
5.1.2 The deed of trust
5.2 Mortgage lien priority
6 See also
7 Notes and references

Philippines mortgage

[edit] Participants and variant terminology
Legal systems, while having some concepts in common, employ different terminology. However, in general, a mortgage of property involves the following parties.

[edit] Creditor
The creditor has legal rights to the debt or other obligation secured by the mortgage. That debt is often the obligation to repay the loan by the creditor (or its predecessor lender) who provided the purchase money to acquire the property mortgaged. Typically, creditors are banks, insurers or other financial institutions who make loans available for the purpose of real estate purchase.

A creditor is sometimes referred to as the beneficiary, mortgagee or lender.

[edit] Debtor
The debtor is the person or entity who owes the obligation secured by the mortgage, and may be multiple parties. Generally, the debtor must meet the conditions of the underlying loan or other obligation and the conditions of the mortgage. Otherwise, the debtor usually runs the risk of foreclosure of the mortgage by the creditor to recover the debt. Typically the debtors will be the individual home-owners, landlords or businesses who are purchasing their property by way of a loan.

A debtor is sometimes referred to as the mortgagor, borrower, or obligor.

[edit] Other participants
Because of the complicated legal exchange, or conveyance, of the property, one or both of the main participants are likely to require legal representation. The terminology varies with legal jurisdiction; see lawyer, solicitor and conveyancer.

Because of the complex nature of many markets the debtor may approach a mortgage broker or financial adviser to help them source an appropriate creditor, typically by finding the most competitive loan.

The debt is, in civil law jurisdictions, referred to as hypothecation, which may make use of the services of a hypothecary to assist in the hypothecation.


home mortgage Philippines

[edit] Legal aspects
There are essentially two types of legal mortgage.

[edit] Mortgage by demise
In a mortgage by demise, the creditor becomes the owner of the mortgaged property until the loan is repaid in full (known as "redemption"). This kind of mortgage takes the form of a conveyance of the property to the creditor, with a condition that the property will be returned on redemption.

This is an older form of legal mortgage and is less common than a mortgage by legal charge. In the UK, this type of mortgage is no longer available, by virtue of the Land Registration Act 2002.

[edit] Mortgage by legal charge
In a mortgage by legal charge or technically "a charge by deed expressed to be by way of legal mortgage",[3] the debtor remains the legal owner of the property, but the creditor gains sufficient rights over it to enable them to enforce their security, such as a right to take possession of the property or sell it.

To protect the lender, a mortgage by legal charge is usually recorded in a public register. Since mortgage debt is often the largest debt owed by the debtor, banks and other mortgage lenders run title searches of the real property to make certain that there are no mortgages already registered on the debtor's property which might have higher priority. Tax liens, in some cases, will come ahead of mortgages. For this reason, if a borrower has delinquent property taxes, the bank will often pay them to prevent the lienholder from foreclosing and wiping out the mortgage.

This type of mortgage is common in the United States and, since the Law of Property Act 1925,[3] it has been the usual form of mortgage in England and Wales (it is now the only form - see above).

In Scotland, the mortgage by legal charge is also known as standard security.

In Pakistan, the mortgage by legal charge is most common way used by Banks to secure the financing. It is also known as Registered Mortgage. After registeration of legal charge, Bank's Lien is recorded in land register stating that the property is under mortgage and can not be sold without obtaining NOC (No Objection Certificate) from the Bank.

Equitable Mortgage

In an Equitable Mortgage the lender is secured by taking possession of all the original title documents of the property and by borrower's signing a Memorandum of Deposit of Title Deed (MODTD). This document is an undertaking by the borrower that he/she has deposited the title documents with the bank with his own wish and will, in order to secure the financing obtained from the bank.

See also: Security interests - types of security