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	Debt consolidation is a process whereby debtors can gain freedom from debts through an arrangement suggested by a loan provider, known as debt consolidation agency. Before allowing the debt consolidation agency to take larger credit for the freedom from debts, many borrowers will question the role they play in the process. Do borrowers actually play so minute a role in the process as depicted? Since it was his loan that was used to pay to creditors and his money being involved in the process how can borrower’s role in the debt consolidation process be discounted thus? It is not that the debtor or the borrower does not play an important role. It is only that their role is supplementary. Had it not been for the debt consolidation agency, the debtor would have continued with the debts. Debt consolidation agency provides focus and direction to the attempts by the debtor to come out of debts. Experts from the lending agency study the case of the debtor and then suggest the recommended courses of action. The worst case of debts can be a vicious circle of debts. In a vicious circle of debts, borrowers are never able to come out of the entrapment of debts. Such debts require a revolutionary action, which can be offered only by a debt consolidation agency. Debt consolidation agency advances a loan to the borrower. Known as debt consolidation loan, this loan that will go towards the payment of debts, rather than individual’s personal income. When personal income does not go towards payment of debts, borrower can continue making expenses to routine heads as earlier. This reduces chances of any future debts. Debt consolidation is an amalgam of several processes and sub processes. The debt consolidation agency will deploy a loan representative to assist the debtor with the several processes. Borrowers can question every move of the experts. They are free to exercise their discretion on important decisions. Firstly, borrowers are required to make a total of the several creditors to whom they owe. Categorizing them will make the task of analyzing debts convenient. Debts are to be categorized on the basis of high or low rate, types of debts, time when they are due, and any other basis as the borrower feels necessary. Having totaled the debts, the borrowers can get onto the task of creating a solution towards debts. Debt settlement is not as plain a task as most of us will feel. A vicious circle of debts as mentioned above requires revolutionary action. Similar is the case with the debts accrued through credit cards. The increase in debts through the high interest rate is a matter of concern. Dealing with the credit card debts in the same manner as a low interest debt will be incorrect. Since credit card debts carry a high rate of interest, they are dealt with on a priority basis. Similarly, the debt consolidation agency utilizes different techniques for different debts and situations. The debt consolidation agency will also help borrowers with the negotiation on debts. Don’t you bargain with the creditor to lower the rate of interest or lower the amount repayable? The same is done by debt consolidation experts on the behalf of the borrower. The expert induces the creditor to bring down the repayable amount. His principal target is the unsecured creditors. By promising them a one-time payment, the expert is able to bring many of the creditors towards a common thinking. However, there are a few donts associated with debt consolidation loan. Never use debt consolidation loan as an excuse for incurring debts. If you have taken a debt consolidation loan, you must pay it in full. An unpaid debt consolidation loan is no better than a debt. This will again necessitate a debt consolidation loan. Lenders, who can clearly see that you are a habitual defaulter, would not lend. It is much easier thus to pay the debt consolidation loan. A small monthly payment is all you have to make towards the debt consolidation loan and you are free of all the ensuing problems.

Many a borrower has gotten hung up on mortgage lingo and financial jargon. When brokers and lenders take the time to explain one can only be more confused.

Adding to the confusion is the fact that one mortgage is not like the other. Exactly what do home mortgages purport to be? Is a mortgage a loan? Is it a contract? Is it the deed? What parties are involved and how is actual property ownership defined? As home loan borrower, are you the actual owner of the property being financed? We need only look closer at the definitions for each party involved in the process.

Mortgages by definition are devices used to create a lien on real estate properties by contract. Such device is used as a method by which individuals or businesses can buy residential or commercial property without paying the full value upfront.

Mortgagor Defined
The mortgagor (borrower) is the borrower of money for a mortgage. The party of a mortgage agreement who receives financing for real estate property. The person who gives a mortgage in return for money to be repaid. Sometimes spelled mortgager.

Mortgagee Defined
The mortgagee (Lender) is the party lending the money and receiving the mortgage. The creditor or lender in a mortgage agreement.

Therefore the borrower uses a mortgage to pledge real property to the lender (also called the mortgagee) as security against the debt for the rest of the value of the property.

Defining Other Types of Mortgages Defined

Conventional Mortgage: With a conventional mortgage, the lender obtains a lien or defeasible legal title to the property in return for the payment of the amount of money lent.

FHA Mortgage: An FHA mortgage is a conventional mortgage which is insured in whole or in part by the Federal Housing Authority.

Purchase Money Mortgage: A purchase money mortgage is one given to secure a loan used to buy the property.

Senior Mortgage
The first mortgage. A first (senior) mortgage on the property has priority over any second or subsequent (junior) mortgages on the property; the senior lender has a more secure interest in the event of a default since the senior obligations are paid first in the event of foreclosure and sale.

Adjustable Rate Mortgages: An adjustable rate mortgage (also called "ARM") offers a fixed initial interest rate and a fixed initial monthly payment. After the initial period is over, the rate and term of the mortgage can be modified at predetermined times under the agreement to reflect the current market mortgage rates.

For more help defining mortgage and loan terms I recommend the following sites.

Google.com has implemented a number of dictionaries in its search results. Simply begin each search with the term "define" followed by the financial keyword you are seeking a definition to. Example: "Define Mortgages".

The Blogger mortgage glossary dictionary at http://mortgages-glossary.blogspot.com has basic mortgage terms defined. Take time to do research on financial terms your not familiar with. Notice updated or clarified definitions by using more than one online dictionary or mortgage glossary. When trying to understand the mortgage process remember that it's all in the word.