87-592: Oberlunkhofen is a municipality in the district of Bremgarten , in the canton of Aargau in Switzerland . The earliest signs of a settlement in Oberlunkhofen are scattered Bronze Age items. In Schalchmatthau there is the foundation of a rectangular Roman era farm with a portico and flanked by two wings. Also from the Roman era, there is a 1st–3rd century villa and a bathhouse with heated rooms. Near
174-435: A Fachhochschule ). Of the school age population (in the 2008/2009 school year), there are 131 students attending primary school in the municipality. The historical population is given in the following table: The Catholic parish church on Chileweg is listed as a Swiss heritage site of national significance . As of 2007, Oberlunkhofen had an unemployment rate of 1.86%. As of 2005, there were 44 people employed in
261-462: A floating rate or variable rate mortgage ). In some countries, such as the United States, fixed rate mortgages are the norm, but floating rate mortgages are relatively common. Combinations of fixed and floating rate mortgages are also common, whereby a mortgage loan will have a fixed rate for some period, for example the first five years, and vary after the end of that period. The charge to
348-436: A hypothec loan , is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured " on the borrower's property through a process known as mortgage origination . This means that a legal mechanism is put into place which allows the lender to take possession and sell
435-403: A mortgage or a rent-to-own agreement). As of 2000, there were 39 homes with 1 or 2 persons in the household, 273 homes with 3 or 4 persons in the household, and 253 homes with 5 or more persons in the household. The average number of people per household was 2.42 individuals. In 2008 there were 289 single family homes (or 38.8% of the total) out of a total of 744 homes and apartments. There were
522-458: A personal equity plan (PEP) mortgage, Individual Savings Account (ISA) mortgage or pension mortgage . Historically, investment-backed mortgages offered various tax advantages over repayment mortgages, although this is no longer the case in the UK. Investment-backed mortgages are seen as higher risk as they are dependent on the investment making sufficient return to clear the debt. Until recently it
609-496: A standard form contract Multistate Fixed-Rate Note 3200 and also separate security instrument mortgage forms which vary by state. In Canada, the Canada Mortgage and Housing Corporation (CMHC) is the country's national housing agency, providing mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research to Canadians. It was created by the federal government in 1946 to address
696-522: A certain term, but the outstanding principal balance is due at some point short of that term, and at the end of the term a balloon payment is due. When interest rates are high relative to the rate on an existing seller's loan, the buyer can consider assuming the seller's mortgage . A wraparound mortgage is a form of seller financing that can make it easier for a seller to sell a property. A biweekly mortgage has payments made every two weeks instead of monthly. Budget loans include taxes and insurance in
783-477: A certain time in Switzerland are also allowed to participate in municipal politics. As at the cantonal and federal level, citizens enjoy political rights, including direct democratic ones, in their municipality. Municipalities are financed through direct taxes (such as income tax ), with rates varying more or less within a framework set by the canton (see Taxation in Switzerland ). As among the cantons, there
870-647: A credit line. In the U.S. a partial amortization or balloon loan is one where the amount of monthly payments due are calculated (amortized) over a certain term, but the outstanding balance on the principal is due at some point short of that term. In the UK, a partial repayment mortgage is quite common, especially where the original mortgage was investment-backed. Graduated payment mortgage loans have increasing costs over time and are geared to young borrowers who expect wage increases over time. Balloon payment mortgages have only partial amortization, meaning that amount of monthly payments due are calculated (amortized) over
957-509: A higher risk tolerance and do so knowing that they face more challenge in reselling the loan. Many countries have similar concepts or agencies that define what are "standard" mortgages. Regulated lenders (such as banks) may be subject to limits or higher-risk weightings for non-standard mortgages. For example, banks and mortgage brokerages in Canada face restrictions on lending more than 80% of the property value; beyond this level, mortgage insurance
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#17327732487251044-452: A key concept as it often defines whether or not the mortgage can be easily sold or securitized, or, if non-standard, may affect the price at which it may be sold. In the United States, a conforming mortgage is one which meets the established rules and procedures of the two major government-sponsored entities in the housing finance market (including some legal requirements). In contrast, lenders who decide to make nonconforming loans are exercising
1131-445: A loan. Builders may take out blanket loans which cover several properties at once. Bridge loans may be used as temporary financing pending a longer-term loan. Hard money loans provide financing in exchange for the mortgaging of real estate collateral. In most jurisdictions, a lender may foreclose the mortgaged property if certain conditions occur – principally, non-payment of the mortgage loan. Subject to local legal requirements,
1218-480: A mortgage occurs when an owner (usually of a fee simple / freehold interest in real property , but frequently leasehold in England and Wales) pledges his or her interest (right to the property) as security or collateral for a loan. Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money,
1305-399: A notion of standard or conforming mortgages that define a perceived acceptable level of risk, which may be formal or informal, and may be reinforced by laws, government intervention, or market practice. For example, a standard mortgage may be considered to be one with no more than 70–80% LTV and no more than one-third of gross income going to mortgage debt. A standard or conforming mortgage is
1392-444: A number of more or less standard measures of creditworthiness may be used. Common measures include payment to income (mortgage payments as a percentage of gross or net income); debt to income (all debt payments, including mortgage payments, as a percentage of income); and various net worth measures. In many countries, credit scores are used in lieu of or to supplement these measures. There will also be requirements for documentation of
1479-406: A population (as of 31 December 2020) of 2,079. As of 2008, 10.4% of the population was made up of foreign nationals. Over the last 10 years the population has grown at a rate of 26.4%. Most of the population (as of 2000) speaks German (93.6%), with English being second most common ( 1.5%) and Albanian being third ( 1.5%). The age distribution, as of 2008, in Oberlunkhofen is; 198 children or 10.8% of
1566-730: A total of 4 empty apartments for a 0.5% vacancy rate. As of 2007, the construction rate of new housing units was 1.2 new units per 1000 residents. In the 2007 federal election the most popular party was the SVP which received 37% of the vote. The next three most popular parties were the CVP (19.2%), the FDP (14.3%) and the SP (14.2%). In Oberlunkhofen about 86.6% of the population (between age 25 and 64) have completed either non-mandatory upper secondary education or additional higher education (either university or
1653-449: Is a tax transfer among the municipalities to balance various levels of tax income. Switzerland has a relatively high number of small municipalities, with a population of 1,000 or less, especially in rural areas. Because of the increasing difficulty in providing professional government services and in finding volunteers for political offices in small municipalities, the cantons tend to encourage voluntary mergers of municipalities. This led to
1740-405: Is common in the UK, especially when associated with a regular investment plan. With this arrangement regular contributions are made to a separate investment plan designed to build up a lump sum to repay the mortgage at maturity. This type of arrangement is called an investment-backed mortgage or is often related to the type of plan used: endowment mortgage if an endowment policy is used, similarly
1827-614: Is forested. Of the rest of the land, 15.8% is settled (buildings or roads) and the remainder (3.6%) is non-productive (rivers or lakes). The municipality is located in the Bremgarten district on a southern ridge of the Heitersberg above the right bank of the Reuss river. The blazon of the municipal coat of arms is Per fess Or a Lion passant Sable armed and langued Gules and Gules two Keys in saltire Argent. Oberlunkhofen has
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#17327732487251914-413: Is generally required. In some countries with currencies that tend to depreciate, foreign currency mortgages are common, enabling lenders to lend in a stable foreign currency, whilst the borrower takes on the currency risk that the currency will depreciate and they will therefore need to convert higher amounts of the domestic currency to repay the loan. In addition to the two standard means of setting
2001-532: Is the primary mechanism used in many countries to finance private ownership of residential and commercial property (see commercial mortgages ). Although the terminology and precise forms will differ from country to country, the basic components tend to be similar: Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage lending, either directly (through legal requirements, for example) or indirectly (through regulation of
2088-432: Is to make regular payments toward the principal and interest over a set term, commonly referred to as (self) amortization in the U.S. and as a repayment mortgage in the UK. A mortgage is a form of annuity (from the perspective of the lender), and the calculation of the periodic payments is based on the time value of money formulas. Certain details may be specific to different locations: interest may be calculated on
2175-402: The 2010 foreclosure crisis . In the United States, the mortgage loan involves two separate documents: the mortgage note (a promissory note ) and the security interest evidenced by the "mortgage" document; generally, the two are assigned together, but if they are split traditionally the holder of the note and not the mortgage has the right to foreclose. For example, Fannie Mae promulgates
2262-809: The Bürgerrecht (citizenship), regardless of where they were born or where they may currently live. Instead of the place of birth , Swiss legal documents, e.g. passports, contain the Bürgerort (place of citizenship, or place of origin ). The Bürgergemeinde also often holds and administers the common property in the village for the members of the community. Each canton determines the powers and responsibilities of its municipalities. These may include providing local government services such as education, medical and social services, public transportation, and tax collection. The degree of centralization varies from one canton to another. The federal constitution protects
2349-689: The Federal National Mortgage Association (known as Fannie Mae) and the Federal Home Loan Mortgage Corporation (known as Freddie Mac). The US mortgage sector has been the center of major financial crises over the last century. Unsound lending practices resulted in the National Mortgage Crisis of the 1930s , the savings and loan crisis of the 1980s and 1990s and the subprime mortgage crisis of 2007 which led to
2436-478: The Swiss Confederation . In most cantons, municipalities are also part of districts or other sub-cantonal administrative divisions. There are 2,131 municipalities as of January 2024 . Their populations range between several hundred thousand ( Zürich ), and a few dozen people ( Kammersrohr , Bister ), and their territory between 0.32 km² ( Rivaz ) and 439 km² ( Scuol ). The beginnings of
2523-414: The cost of a mortgage loan (fixed at a set interest rate for the term, or variable relative to market interest rates), there are variations in how that cost is paid, and how the loan itself is repaid. Repayment depends on locality, tax laws and prevailing culture. There are also various mortgage repayment structures to suit different types of borrower. The most common way to repay a secured mortgage loan
2610-429: The following formula : A = P ⋅ r ( 1 + r ) n ( 1 + r ) n − 1 {\displaystyle A=P\cdot {\frac {r(1+r)^{n}}{(1+r)^{n}-1}}} where: The main alternative to a principal and interest mortgage is an interest-only mortgage , where the principal is not repaid throughout the term. This type of mortgage
2697-439: The primary economic sector and about 16 businesses involved in this sector. 89 people are employed in the secondary sector and there are 14 businesses in this sector. 202 people are employed in the tertiary sector , with 54 businesses in this sector. As of 2000 there was a total of 815 workers who lived in the municipality. Of these, 653 or about 80.1% of the residents worked outside Oberlunkhofen while 170 people commuted into
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2784-476: The HECM (Home Equity Conversion Mortgage). Unlike standard mortgages (where the entire loan amount is typically disbursed at the time of loan closing) the HECM program allows the homeowner to receive funds in a variety of ways: as a one time lump sum payment; as a monthly tenure payment which continues until the borrower dies or moves out of the house permanently; as a monthly payment over a defined period of time; or as
2871-478: The Habsburgs, and in 1403 was awarded Muri Abbey which held it until 1841. The parish included Oberlunkhofen, Unterlunkhofen , Arni , Islisberg and Rottenschwil . The current parish church was built in 1685 on the site of a 1515 church building. The oldest church building on that site probably dates from the 10th century. Until the 20th century the major industries were agriculture and viticulture . In 1920
2958-405: The UK and U.S., 25 to 30 years is the usual maximum term (although shorter periods, such as 15-year mortgage loans, are common). Mortgage payments, which are typically made monthly, contain a repayment of the principal and an interest element. The amount going toward the principal in each payment varies throughout the term of the mortgage. In the early years the repayments are mostly interest. Towards
3045-475: The UN Economic Commission for Europe compared German, US, and Danish mortgage systems. The German Bausparkassen (savings and loans associations) reported nominal interest rates of approximately 6 per cent per annum in the last 40 years (as of 2004). Bausparkassen are not identical with banks that give mortgages. In addition, they charge administration and service fees (about 1.5 per cent of
3132-624: The US, foreign nationals due to their unique situation face Foreign National mortgage conditions. Flexible mortgages allow for more freedom by the borrower to skip payments or prepay. Offset mortgages allow deposits to be counted against the mortgage loan. In the UK there is also the endowment mortgage where the borrowers pay interest while the principal is paid with a life insurance policy. Commercial mortgages typically have different interest rates, risks, and contracts than personal loans. Participation mortgages allow multiple investors to share in
3219-440: The applicant has provided as to income, employment, credit history and the value of the home being purchased via an appraisal. An appraisal may be ordered. The underwriting process may take a few days to a few weeks. Sometimes the underwriting process takes so long that the provided financial statements need to be resubmitted so they are current. It is advisable to maintain the same employment and not to use or open new credit during
3306-403: The autonomy of municipalities within the framework set out by cantonal law. Municipalities are generally governed by an executive council headed by a president or mayor . Legislative authority is exercised by a town meeting of all citizens, or by a municipal parliament, depending on the size of the municipality, and on cantonal and municipal law. In some cantons, foreigners who have lived for
3393-425: The average number of residents per living room was 0.55 which is about equal to the cantonal average of 0.57 per room. In this case, a room is defined as space of a housing unit of at least 4 m (43 sq ft) as normal bedrooms, dining rooms, living rooms, kitchens and habitable cellars and attics. About 52.2% of the total households were owner occupied, or in other words did not pay rent (though they may have
3480-422: The basis of a 360-day year, for example; interest may be compounded daily, yearly, or semi-annually; prepayment penalties may apply; and other factors. There may be legal restrictions on certain matters, and consumer protection laws may specify or prohibit certain practices. Depending on the size of the loan and the prevailing practice in the country the term may be short (10 years) or long (50 years plus). In
3567-401: The borrower becomes bankrupt or insolvent , the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first. In many jurisdictions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where
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3654-405: The borrower depends upon the credit risk in addition to the interest rate risk. The mortgage origination and underwriting process involves checking credit scores, debt-to-income, downpayments (deposits), assets, and assessing property value. Jumbo mortgages and subprime lending are not supported by government guarantees and face higher interest rates. Other innovations described below can affect
3741-471: The bus line Oberlunkhofen- Jonen - Affoltern am Albis opened. Then in 1930 the line Birmenstorf -Oberlunkhofen opened. This line expanded in 1966 Zurich- Wiedikon . The increase in population after 1980 is due people moving away from the Zurich agglomeration . Oberlunkhofen has an area, as of 2006, of 3.3 square kilometers (1.3 sq mi). Of this area, 56.5% is used for agricultural purposes, while 24%
3828-407: The country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender's rights over the secured property take priority over the borrower's other creditors , which means that if
3915-429: The creditworthiness, such as income tax returns, pay stubs, etc. the specifics will vary from location to location. Income tax incentives usually can be applied in forms of tax refunds or tax deduction schemes. The first implies that income tax paid by individual taxpayers will be refunded to the extent of interest on mortgage loans taken to acquire residential property. Income tax deduction implies lowering tax liability to
4002-538: The criteria on new lending on an interest-only basis. The problem for many people has been the fact that no repayment vehicle had been implemented, or the vehicle itself (e.g. endowment/ISA policy) performed poorly and therefore insufficient funds were available to repay balance at the end of the term. Moving forward, the FSA under the Mortgage Market Review (MMR) have stated there must be strict criteria on
4089-484: The debt each year. These arrangements are variously called reverse mortgages , lifetime mortgages or equity release mortgages (referring to home equity ), depending on the country. The loans are typically not repaid until the borrowers are deceased, hence the age restriction. Through the Federal Housing Administration , the U.S. government insures reverse mortgages via a program called
4176-422: The demand for home ownership is highest, strong domestic markets for mortgages have developed. Mortgages can either be funded through the banking sector (that is, through short-term deposits) or through the capital markets through a process called "securitization", which converts pools of mortgages into fungible bonds that can be sold to investors in small denominations. According to Anglo-American property law ,
4263-431: The end of the mortgage, payments are mostly for principal. In this way, the payment amount determined at outset is calculated to ensure the loan is repaid at a specified date in the future. This gives borrowers assurance that by maintaining repayment the loan will be cleared at a specified date if the interest rate does not change. Some lenders and 3rd parties offer a bi-weekly mortgage payment program designed to accelerate
4350-724: The exercise of political rights for everyone except the members of the Bürgergemeinde . In the Regeneration era (1830–1848), the liberal revolutions of the common people helped to restore some rights again in a few cantons. In other cantons, the Bürgergemeinden were able to maintain power as political communities. In the city of Zürich it was not until the Municipal Act of 1866 that the political municipality came back into existence. The relationship between
4437-568: The extent of interest rate paid for the mortgage loan. Some lenders may also require a potential borrower have one or more months of "reserve assets" available. In other words, the borrower may be required to show the availability of enough assets to pay for the housing costs (including mortgage, taxes, etc.) for a period of time in the event of the job loss or other loss of income. Many countries have lower requirements for certain borrowers, or "no-doc" / "low-doc" lending standards that may be acceptable under certain circumstances. Many countries have
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#17327732487254524-402: The form of a collateral for a benefit (loan)". Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants, or an investment portfolio ). The lender will typically be a financial institution, such as a bank , credit union or building society , depending on
4611-406: The funds will be repaid (usually considered a function of the creditworthiness of the borrower); that if they are not repaid, the lender will be able to foreclose on the real estate assets; and the financial, interest rate risk and time delays that may be involved in certain circumstances. During the mortgage loan approval process, a mortgage loan underwriter verifies the financial information that
4698-457: The higher the LTV, the higher the risk that the value of the property (in case of foreclosure) will be insufficient to cover the remaining principal of the loan. Since the value of the property is an important factor in understanding the risk of the loan, determining the value is a key factor in mortgage lending. The value may be determined in various ways, but the most common are: In most countries,
4785-413: The lenders borrow money, therefore, affects the cost of borrowing. Lenders may also, in many countries, sell the mortgage loan to other parties who are interested in receiving the stream of cash payments from the borrower, often in the form of a security (by means of a securitization ). Mortgage lending will also take into account the (perceived) riskiness of the mortgage loan, that is, the likelihood that
4872-409: The loan against the value of the property. Therefore, a mortgage loan in which the purchaser has made a down payment of 20% has a loan to value ratio of 80%. For loans made against properties that the borrower already owns, the loan to value ratio will be imputed against the estimated value of the property. The loan to value ratio is considered an important indicator of the riskiness of a mortgage loan:
4959-534: The loan amount). However, in the United States, the average interest rates for fixed-rate mortgages in the housing market started in the tens and twenties in the 1980s and have (as of 2004) reached about 6 per cent per annum. However, gross borrowing costs are substantially higher than the nominal interest rate and amounted for the last 30 years to 10.46 per cent. In Denmark, similar to the United States mortgage market, interest rates have fallen to 6 per cent per annum. A risk and administration fee amounts to 0.5 per cent of
5046-584: The modern municipality system date back to the Helvetic Republic . Under the Old Swiss Confederacy , citizenship was granted by each town and village to only residents. These citizens enjoyed access to community property and in some cases additional protection under the law. Additionally, the urban towns and the rural villages had differing rights and laws. The creation of a uniform Swiss citizenship, which applied equally for citizens of
5133-417: The mortgage payment; package loans add the costs of furnishings and other personal property to the mortgage. Buydown mortgages allow the seller or lender to pay something similar to points to reduce interest rate and encourage buyers. Homeowners can also take out equity loans in which they receive cash for a mortgage debt on their house. Shared appreciation mortgages are a form of equity release . In
5220-489: The mortgaged property apply, and may be tightly regulated by the relevant government. There are strict or judicial foreclosures and non-judicial foreclosures, also known as power of sale foreclosures. In some jurisdictions, foreclosure and sale can occur quite rapidly, while in others, foreclosure may take many months or even years. In many countries, the ability of lenders to foreclose is extremely limited, and mortgage market development has been notably slower. A study issued by
5307-471: The municipalities under cantonal or federal law. Municipalities are numbered by the Swiss Federal Office for Statistics (see Community Identification Number#Switzerland ). One or more postal codes (PLZ/NPA) can by assigned to a municipality or shared with other municipalities. Between 2011 and 2021 nine of the smallest municipalities merged into others as part of the effort to eliminate
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#17327732487255394-480: The municipality for work. There were a total of 332 jobs (of at least 6 hours per week) in the municipality. Of the working population, 21% used public transportation to get to work, and 53.7% used a private car. From the 2000 census, 732 or 50.7% were Roman Catholic , while 414 or 28.7% belonged to the Swiss Reformed Church . Of the rest of the population, there were 3 individuals (or about 0.21% of
5481-436: The number of municipalities dropping by 384 between the end of 2010 and the beginning of 2019. Some municipalities designate themselves as "city" ( ville or Stadt ) or as "village" ( Dorf ). These designations result from tradition or local preference – for example, several small municipalities designated as cities held city rights in medieval times – and normally do not impact the legal or political rights or obligations of
5568-533: The old towns and their tenants and servants, led to conflict. The wealthier villagers and urban citizens held rights to forests, common land and other municipal property which they did not want to share with the "new citizens", who were generally poor. The compromise solution, which was written into the municipal laws of the Helvetic Republic, is still valid today. Two politically separate but often geographically similar organizations were created. The first,
5655-424: The options of paying the interest on a monthly basis. By paying off the interest means the balance will remain level for the rest of their life. This market is set to increase as more retirees require finance in retirement. For older borrowers (typically in retirement), it may be possible to arrange a mortgage where neither the principal nor interest is repaid. The interest is rolled up with the principal, increasing
5742-538: The outstanding debt. In addition, an acquisition fee is charged which amounts to one per cent of the principal. The mortgage industry of the United States is a major financial sector. The federal government created several programs, or government sponsored entities , to foster mortgage lending, construction and encourage home ownership . These programs include the Government National Mortgage Association (known as Ginnie Mae),
5829-435: The participants or the financial markets, such as the banking industry), and often through state intervention (direct lending by the government, direct lending by state-owned banks, or sponsorship of various entities). Other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system. Mortgage loans are generally structured as long-term loans,
5916-401: The payoff of the loan. Similarly, a mortgage can be ended before its scheduled end by paying some or all of the remainder prematurely, called curtailment. An amortization schedule is typically worked out taking the principal left at the end of each month, multiplying by the monthly rate and then subtracting the monthly payment. This is typically generated by an amortization calculator using
6003-651: The periodic payments for which are similar to an annuity and calculated according to the time value of money formulae. The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years, depending on local conditions. Over this period the principal component of the loan (the original loan) would be slowly paid down through amortization. In practice, many variants are possible and common worldwide and within each country. Lenders provide funds against property to earn interest income , and generally borrow these funds themselves (for example, by taking deposits or issuing bonds ). The price at which
6090-408: The political municipality and the Bürgergemeinde was often dominated by the latter's ownership of community property. Often the administration and profit from the property were totally held by the Bürgergemeinden , leaving the political municipality dependent on the Bürgergemeinde for money and use of the property. It was not until the political municipality acquired rights over property that served
6177-447: The political voting and electoral body rights from the Bürgergemeinde . In the cities, the percentage of members in the Bürgergemeinde in the population was reduced as a result of increasing emigration to the cities. This led to the Bürgergemeinde losing its former importance to a large extent. However, the Bürgergemeinde has remained, and it includes all individuals who are citizens of the Bürgergemeinde , usually by having inherited
6264-595: The population are between 0 and 9 years old and 182 teenagers or 10.0% are between 10 and 19. Of the adult population, 196 people or 10.7% of the population are between 20 and 29 years old. 244 people or 13.4% are between 30 and 39, 357 people or 19.6% are between 40 and 49, and 294 people or 16.1% are between 50 and 59. The senior population distribution is 212 people or 11.6% of the population are between 60 and 69 years old, 102 people or 5.6% are between 70 and 79, there are 37 people or 2.0% who are between 80 and 89, and there are 4 people or 0.2% who are 90 and older. As of 2000
6351-536: The population) who belonged to the Christian Catholic faith. Municipalities of Switzerland Municipalities ( German : Gemeinden , Einwohnergemeinden or politische Gemeinden ; French : communes ; Italian : comuni ; Romansh : vischnancas ) are the lowest level of administrative division in Switzerland. Each municipality is part of one of the Swiss cantons , which form
6438-515: The property may then be sold. Any amounts received from the sale (net of costs) are applied to the original debt. In some jurisdictions, mortgage loans are non-recourse loans: if the funds recouped from sale of the mortgaged property are insufficient to cover the outstanding debt, the lender may not have recourse to the borrower after foreclosure. In other jurisdictions, the borrower remains responsible for any remaining debt. In virtually all jurisdictions, specific procedures for foreclosure and sale of
6525-507: The public (such as schools, fire stations, etc.) and taxes, that they obtained full independence. For example, in the city of Bern, it was not until after the property division of 1852 that the political municipality had the right to levy taxes. It was not until the Federal Constitution of 1874 that all Swiss citizens were granted equal political rights on local and Federal levels. This revised constitution finally removed all
6612-459: The rates as well. Upon making a mortgage loan for the purchase of a property, lenders usually require that the borrower make a down payment (called a deposit in English law); that is, contribute a portion of the cost of the property. This down payment may be expressed as a portion of the value of the property (see below for a definition of this term). The loan to value ratio (or LTV) is the size of
6699-431: The repayment vehicle being used. As such the likes of Nationwide and other lenders have pulled out of the interest-only market. A resurgence in the equity release market has been the introduction of interest-only lifetime mortgages. Where an interest-only mortgage has a fixed term, an interest-only lifetime mortgage will continue for the rest of the mortgagors life. These schemes have proved of interest to people who do like
6786-518: The rights to high justice went to Zurich . In 1797 Bremgarten sold the village to the other four municipalities of the Kelleramt . In 1798 it became part of the short-lived Helvetic Republic Canton of Baden . St. Leodegar, the parish church of the Kelleramt , was first mentioned in 1185. The church was under the jurisdiction of St. Leodegar in Lucerne and then Murbach Abbey. In 1291 it went to
6873-456: The roll-up effect (compounding) of interest on traditional equity release schemes. They have also proved beneficial to people who had an interest-only mortgage with no repayment vehicle and now need to settle the loan. These people can now effectively remortgage onto an interest-only lifetime mortgage to maintain continuity. Interest-only lifetime mortgage schemes are currently offered by two lenders – Stonehaven and more2life. They work by having
6960-597: The secured property (" foreclosure " or " repossession ") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in
7047-472: The smallest communities. Only Bister has not merged into a new municipality although the smallest municipality is now Kammersrohr with a population of just 32. In addition to the municipalities as basic territorial political subdivisions, a number of other local subdivisions exist in several cantons. These include: Mortgage loan A mortgage loan or simply mortgage ( / ˈ m ɔːr ɡ ɪ dʒ / ), in civil law jurisdictions known also as
7134-677: The so-called municipality, was a political community formed by election and its voting body consists of all resident citizens. However, the community land and property remained with the former local citizens who were gathered together into the Bürgergemeinde /bourgeoisie. During the Mediation era (1803–1814), and especially during the Restoration era (1814–1830), many of the gains toward uniform citizenship were lost. Many political municipalities were abolished and limits were placed on
7221-470: The underwriting process. Any changes made in the applicant's credit, employment, or financial information could result in the loan being denied. There are many types of mortgages used worldwide, but several factors broadly define the characteristics of the mortgage. All of these may be subject to local regulation and legal requirements. The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable-rate mortgage (ARM) (also known as
7308-438: The villa, an Alemanni graveyard was also discovered. During initial excavation, the wall remains were uncovered in 1897–98. Then, between 1975 and 1980 the wall ruins were preserved. The modern village of Oberlunkhofen is first mentioned in the 9th century as Lunchunft though this record comes from an 11th-century copy of the original, older document. In 1232 it was mentioned as Lunchuft and in 1309 as obern Lunchuft . There
7395-425: The word mortgage has become the generic term for a loan secured by such real property . As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time, typically 30 years in the United States. All types of real property can be, and usually are, secured with a mortgage and bear an interest rate that is supposed to reflect the lender's risk. Mortgage lending
7482-530: Was a castle near the village, but no surviving records mention it. It was presumably destroyed in 1386. The village was owned by St. Leodegar in Lucerne which was under the jurisdiction of Murbach Abbey and was sold in 1291 to the House of Habsburg . In the early 14th century is a center of the Habsburg region of Kelleramt . The rights to the low justice and the vogtei fell on Bremgarten in 1414. In 1415,
7569-417: Was not uncommon for interest only mortgages to be arranged without a repayment vehicle, with the borrower gambling that the property market will rise sufficiently for the loan to be repaid by trading down at retirement (or when rent on the property and inflation combine to surpass the interest rate). Recent Financial Services Authority guidelines to UK lenders regarding interest-only mortgages have tightened
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