As with any other financial deal, the main participants in a
mortgage contract are the two parties that the agreement is
between.
In the case of morgages, one
party that is always involved is the buyer of a piece of
property. This is generally an individual, business, or
corporation, which wants to buy a property, but doesn't have the
means to completely pay for it right away.
The other major participant is the creditor, or the party who
lends money to the property buyer. In most cases, the creditor
is a bank or financial institution, although private mortgages
certainly aren't unheard of.
Morgage
rates must be agreed upon by both the creditor and the
debitor (buyer). They can vary on a case-by-case basis, but
usually follow a common market average or benchmark.
Other parties in a mortgage contract could include lawyers,
mortgage brokers, and financial advisors. These additional
parties help to establish morgage
quotes prior to the signing of a contract, and then ensure
that the entire transaction is handled smoothly and fairly.
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