A mortgage is a legal contract between a mortgagor (borrower) and mortgagee (lender) secured by the assets (most commonly land or buildings) owned by the mortgagee. A mortgage is unlike a hire-purchase agreement in that the mortgaged property belongs to the borrower. Mortgages of various kinds are typically extended by building societies, banks and insurance companies to businesses and individual house buyers.
Mortgage software is available to both the mortgagor and mortgagee focusing on each sector's individual needs.
Mortgage software for the mortgagee is advisory software and usually includes some of the following features:
- Enabling calculations of mortgage payment and total costs of mortgage.
- Enabling comparison of different interest rates and mortgage amounts.
- Enables a view of a detailed breakdown of mortgage over time the with mortgage schedule.
- And very important it teaches you how to pay off your mortgage early and save yourself some money.
- With constant changes in interest rates, it enables you to view your repayment accurately with the handy mortgage grid.
This mortgage software assists you in working out complicated sums, with the inflation that is occurred over time and what you can afford.
Mortgage software also has its benefits within the workplace. Two extremely important considerations are:
- People without mortgage experience can be sufficiently trained on most mortgage billing software. With this minimization of having to employ specially skilled people in mortgage it gives flexibility and a huge advantage on cost.
- Mortgage billing software automates every step of your mortgage loan workflow.
However like most software out there, ensure you can receive 24 hour help/support, to quickly solve any problem that may occur.
The mortgage industry business is huge but it doesn't matter if you are a bank, traditional retail or wholesale lender, correspondent lender, sub-prime lender, builder subsidiary, state housing lender, there is something for everyone. Majority of mortgage software is easy to use software and parallels the entire loan process.
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