You will need to insure your contents and property as part of the mortgage payment. Even if your down payment is less than 20%, some mortgages will require that you purchase mortgage insurance. Mortgage insurance protects the lender in the event of a default and is typically paid monthly by the borrower. However, some mortgages do not require mortgage insurance, so you may need to pay a one-time premium when you apply for your loan.
A mortgage agreement is between a borrower (or lender) and the borrower. If the borrower fails to make repayments, the lender has the right to foreclose on the property. Mortgage loans are generally used to finance the purchase of a home or to increase the value of the property. Prior to applying for mortgages, it is important that you consider your ability to repay the loan.
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Chattanooga is a city in and the county seat of Hamilton County, Tennessee, along the Tennessee River bordering Georgia. It also extends into Marion County on its western end.[1] With a population of 181,099 in 2020,[6] it is Tennessee's fourth-largest city and one of the two principal cities of East Tennessee, along with Knoxville. It anchors the Chattanooga metropolitan area, Tennessee's fourth-largest metropolitan statistical area,[9] as well as a larger three-state area that includes Southeast Tennessee, Northwest Georgia, and Northeast Alabama.
Chattanooga was a crucial city during the American Civil War, due to the multiple railroads that converge there. After the war, the railroads allowed for the city to grow into one of the Southeastern United States' largest heavy industrial hubs. Today, major industry that drives the economy includes automotive, advanced manufacturing, food and beverage production, healthcare, insurance, tourism, and back office and corporate headquarters.[9] Chattanooga remains a transit hub in the present day, served by multiple Interstate highways and railroad lines. It is 118 miles (190 km) northwest of Atlanta, Georgia, 112 miles (180 km) southwest of Knoxville, Tennessee, 134 miles (216 km) southeast of Nashville, Tennessee, 102 miles (164 km) east-northeast of Huntsville, Alabama, and 147 miles (237 km) northeast of Birmingham, Alabama.
Divided by the Tennessee River, Chattanooga is at the transition between the ridge-and-valley Appalachians and the Cumberland Plateau, both of which are part of the larger Appalachian Mountains. Its official nickname is the "Scenic City", alluding to the surrounding mountains, ridges, and valleys. Unofficial nicknames include "River City", "Chatt", "Nooga", "Chattown", and "Gig City", the latter a reference to its claims that it has the fastest internet service in the Western Hemisphere.[10][11]
Chattanooga is internationally known from the 1941 hit song "Chattanooga Choo Choo" by Glenn Miller and his orchestra. It is home to the University of Tennessee at Chattanooga (UTC) and Chattanooga State Community College.
There is no one right answer to the question of whether renting or buying a home is better. Your personal circumstances, including your finances, lifestyle and goals, will determine the answer. Based on your income, savings and lifestyle, you need to weigh the benefits and costs of each.
This page contains 16 synonyms and antonyms as well as idiomatic expressions and related words to foreclose.
It is derived from Old French morgage which literally means "dead promise" and comes from mort (dead), gage (pledge). According to an online etymology dictionary it is named because the debt is paid off or the payment fails.