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105-425: Planning commissions are governmental bodies that make decisions about either Land-use planning or Economic planning , depending on the jurisdiction. Land-use commissions: Economic commissions: Land-use planning In urban planning , land use planning seeks to order and regulate land use in an efficient and ethical way, thus preventing land use conflicts . Governments use land use planning to manage

210-455: 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

315-436: 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 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

420-455: 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

525-489: 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

630-522: 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

735-407: A combination of strategic and environmental planning. It is becoming more widely understood that any sector of land has a certain capacity for supporting human, animal, and vegetative life in harmony, and that upsetting this balance has dire consequences on the environment. Planners and citizens often take on an advocacy role during the planning process in an attempt to influence public policy. Since

840-647: 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

945-407: A financial institution, such as a bank , credit union or building society , depending on 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

1050-422: A harmonious growth of the city. This tool is structured through a planning system at the national and local level, which establishes the general guidelines that should be taken into account for the development of urban development. Here, the authorities involved might formulate a number of restrictions to guarantee sustainability, for example, banning land development in riparian zones or in national parks. Basically,

1155-505: 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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1260-452: 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

1365-435: A land use plan provides a vision for the future possibilities of development in neighborhoods, districts, cities, or any defined planning area. In the United States, the terms land use planning, regional planning , urban planning, and urban design are often used interchangeably, and will depend on the state, county, and/or project in question. Despite confusing nomenclature, the essential function of land use planning remains

1470-445: 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,

1575-475: 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,

1680-399: 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

1785-444: 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

1890-488: A settlement, e.g. a city, while also determining the guidelines for its use in order to ensure effectiveness and sustainability. Land use, in this case, is assigned on the basis on its physical and functional characteristics that they have in the urban structure, and with the aim of occupying the space in an orderly manner and according to their physical capacity (occupation of areas suitable for urban development and environmental sustainability ), which finally it translates into

1995-484: Is a "taking". A deep-rooted anti-zoning sentiment exists in America, that no one has the right to tell another what he can or cannot do with his land. Ironically, although people are often averse to being told how to develop their own land, they tend to expect the government to intervene when a proposed land use is undesirable. Conventional zoning has not typically regarded the manner in which buildings relate to one another or

2100-405: 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

2205-427: Is defined as: the process by which optimum forms of land use and management are indicated, considering the biophysical, technological, social, economic and political conditions of a particular territory. The objective of planning land use is to influence, control or direct changes in the use of land so that it is dedicated to the most beneficial use and maintains the quality of the environment and promoting conservation of

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2310-707: 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 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

2415-435: Is formed and therefore its functionality is defined. For this reason, there is a need to ensure sustainability in order to ensure the we continue to enjoy the benefits that come from urban planning and to ensure that future generations will continue enjoying these benefits. To guarantee this, land use planning come into the fold. In a broader sense, this is a tool through which State defines the type of use land will have within

2520-413: 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

2625-475: Is located in northern Italy. It is the second most populous city in the country after Rome with a population of over 4 million (The CBD and its metropolitan Boroughs). Every area in Milan is a segment that starts from the center and reaches the city limits, so that central areas and peripheral areas are part of the same area. In Milan, zones are not identified by names but numbers. The city hall area 1 of Milan includes

2730-425: Is no longer always relevant to those cities that are currently practicing land use planning. Mortgage loans A mortgage loan or simply mortgage ( / ˈ m ɔːr ɡ ɪ dʒ / ), in civil law jurisdictions known also as 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

2835-402: Is the basis for land use planning authority in the United States. This authority is usually delegated by state governments to local governments, including counties and cities. It is these local governments that most frequently exercise police power in land use planning matters. The regulation of land use based on police power is distinct from the taking of private property by the government through

2940-532: 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

3045-465: Is the use of " traditional and local knowledge ," or TLK, or local, Indigenous, and place-bound ways of knowing. Categories of TLK include 1) knowledge about the environment, 2) knowledge about the current use of areas, 3) knowledge of management systems, 4) values associate with the environment (i.e., spirituality and culture). There is growing literature about how to effectively incorporate and represent TLK in land use and management plans. Police power

3150-526: Is to allow members of the nine zones to get easy access to the CBD. Effective measures have been put in place to limit the impact of human activities on the many water bodies in this city such as restricting land development in riparian areas. In fact, the drive for the establishment of the city on the land where it stands was easy accessibility to water. Land use planning is an important method for sustainable development for Indigenous communities. Indigenous peoples in

3255-568: Is to further the welfare of people and their communities by creating convenient, equitable, healthful, efficient, and attractive environments for present and future generations. Land-use planning in England and Wales is founded on the Town and Country Planning Act 1947 , with comparable legislation applicable in Scotland and Northern Ireland . Land use planning nearly always requires land use regulation, which typically encompasses zoning . Zoning regulates

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3360-432: 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

3465-402: 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

3570-649: 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

3675-528: The Fifth Amendment to the United States Constitution prohibits the government from taking private property for public use without just compensation. The case of Dolan v. City of Tigard demonstrated the criteria that determine the threshold of what is considered taking. One interpretation of the taking clause is that any restriction on the development potential of land through zoning regulation

3780-462: The U.S. Department Of Transportation , and the U.S. Environmental Protection Agency in 2009 was intended to encourage sustainable land use planning. This partnership helps to ensure that federal housing projects, transportation, and other neighborhood infrastructure would help residents live closer to jobs, while also reducing pollution since there would be less commute time. Over the past decade, this federal partnership has funded 1,066 projects across

3885-414: 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

3990-429: 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

4095-546: The 1990s, the activist/environmentalist approach to planning has grown into the Smart Growth movement, characterized by the focus on more sustainable and less environmentally damaging forms of development. Moreover, there is changes on the requirements of land use planning overtime. For example, whilst most of the urban planners suggest the distance from the landfill that a housing estate should be built, they must also take wind direction into consideration Smart growth supports

4200-715: The 50 States, as well as Washington D.C. and Puerto Rico. The total amount of grant money given to these projects has reached approximately $ 4.6 billion. Some of the programs that the partnership sponsors are the Housing and Urban Development's “Sustainable Communities Regional Planning” and “Community Challenge Grant Programs”. These programs have made important strides in sustainable urban planning, with about 40 percent of U.S. citizens now having access to communities who were awarded these grants. Both of these programs make up $ 240 million in federal investment towards local land use planning efforts. Various types of planning have emerged over

4305-545: The Agricultural Park, passing through Chiesa Rossa and Gratosoglio. The town hall 6 goes from the Darsena, up to Barona, Lorenteggio and Giambellino. The city hall area 7 goes from Porta Magenta to Baggio and Figino passing through San Siro. The town hall zone 8 goes from Porta Volta to Quarto Oggiaro, passing through QT8 and Gallaratese. And lastly, the town hall area 9 goes from Porta Nuova to Niguarda and Bovisa. The idea here,

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4410-602: The Global South. Many of the assumptions about land use planning do not hold true elsewhere in the world, especially as developing nations face urbanization at a more rapid scale than most countries in the Global North. In India , for example, land use planning, specifically as it pertains to siting industries, has been incorporated into the nation's constitution, and is controlled by the State and Federal levels of government. Due to

4515-472: 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

4620-405: 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

4725-465: 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

4830-621: 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

4935-521: The United States and Canada often have fragmented or diminishing land bases with limited uses. Oftentimes, these land bases are also far from urban centers and with limited expansion ability. Since European settlers first began colonizing the American Continent, Indigenous peoples have lost 98.9% of their land, a Yale study found. The lands indigenous peoples were forced onto are facing current and future climate-change related risks. This fact leads to

5040-417: The United States, about 75% of the energy used is allocated to power buildings and modes of transportation; land use planning can be a useful tool in changing these aspects of energy usage in a way that would be beneficial to both residents and the ecology. A sustainable urban development includes: The Partnership for Sustainable Communities, created by the U.S. Department of Housing and Urban Development ,

5145-440: 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

5250-422: 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

5355-405: 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

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5460-663: The community. A charrette is a facilitated planning workshop often used by professional planners to gather information from their clients and the public about the project at hand. Charettes involve a diverse set of stakeholders in the planning process, to ensure that the final plan comprehensively addresses the study area. Geographic information systems , or GIS, are very useful and important tools in land use planning. It uses aerial photography to show land parcels, topography, street names, and other pertinent information. GIS systems contain layers of graphic information and their relational databases that may be projected into maps that allow

5565-411: The country. Professional planners work in the public sector for governmental and non-profit agencies, and in the private sector for businesses related to land, community, and economic development. Through research, design, and analysis of data, a planner's work is to create a plan for some aspect of a community. This process typically involves gathering public input to develop the vision and goals for

5670-421: The course of the 20th century. Below are the six main typologies of planning, as defined by David Walters in his book, Designing Communities (2007): Today, successful planning involves a balanced mix of analysis of the existing conditions and constraints; extensive public engagement; practical planning and design; and financially and politically feasible strategies for implementation. Current processes include

5775-429: 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

5880-525: 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

5985-472: 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

6090-422: 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 ,

6195-402: The development of land within their jurisdictions. In doing so, the governmental unit can plan for the needs of the community while safeguarding natural resources. To this end, it is the systematic assessment of land and water potential, alternatives for land use, and economic and social conditions in order to select and adopt the best land use options. Often one element of a comprehensive plan ,

6300-431: 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

6405-635: The entire historical center, starting from the geographical center of Milan in Piazza Duomo up to the Cerchia dei Bastioni. The town hall area 2 goes from Piazza della Repubblica to Crescenzago, Turro, Greco and Precotto. The town hall 3 goes from Porta Venezia to Lambrate, passing through Città Studi. The town hall area 4 goes from Porta Vittoria to the Forlanini park, also including Porta Romana, Corvetto and Santa Giulia. The town hall 5 goes from Porta Ticinese to

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6510-505: The environment is protected during land use or land development. Indeed, based on the recommendations of the United Nations in its Habitat conference , land is assigned a high importance for the development of human life as it is the fundamental support for its permanence and development, this being the most important objective of the policy of human settlements. That is, the land resource is recognized as an essential element, which supports

6615-468: The examples discussed in this article were drawn from cities in the Global North , land use planning has been employed in cities all over the world. The Global North has traditionally been dominant in planning theory and practice. However, as the world continues to quickly urbanize, and the global population increases, most of the new global population growth is occurring in cities in the developing world, or

6720-568: 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

6825-406: 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

6930-405: The goal here is to protect the environment. Throughout the world, there are rising levels of environmental degradation due to unclean energy usage in the development and powering of cities and neighborhoods. In the 20th century, there was a global push to develop large cities quickly to accommodate the people who were migrating from rural areas to cities for jobs. The type of energy used for this

7035-454: 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,

7140-459: The increasing discussions in the issues of climate change and global warming, the future of land use planning will be dominated by environmental sustainability themes more than economic convenience. Also, due to the fact that the world is quickly urbanizing, and this massive population growth is mostly occurring in cities in the Global South, some of the assumptions we have formed about land use planning must be reimagined, as common theory and practice

7245-447: The integration of mixed land uses into communities as a critical component of achieving better places to live. Putting uses in close proximity to one another has benefits for transportation alternatives to driving, security, community cohesiveness, local economies, and general quality of life issues. Smart growth strives to provide a means for communities to alter the planning context which currently renders mixed land uses illegal in most of

7350-436: The land resources. The territorial diagnosis and the generation of alternatives of management and environmental protection for the planning of the use of the land produces the indispensable knowledge necessary for the formulation of the policies of use, contributing to the search of competitive and sustainable productive and extractive activities and systems. The methodological process of land use planning contributes to: orienting

7455-445: The land under development. On the other hand, it seeks regulation and promotion of the location and sustainable development of human settlements, economic and social activities, and spatial physical development, based on the identification of potentialities and limitations that consider environmental, economic, sociocultural, institutional and geopolitical criteria. By and large, these parameters are put in place in order to make sure that

7560-413: 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

7665-409: 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:

7770-534: 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

7875-446: The local municipal council/local government, the body responsible of the environment and oftentimes the national government assume all the functions of land use planning; among them the corresponding function to territorial ordering (OT). For this reason, the highlighted bodies have among other responsibilities the promotion of the conservation and sustainable use of natural resources, establishing policies, criteria, tools and procedures of

7980-473: The location of economic and social activities regarding the aptitude of the land and providing solutions to conflicts of use; indicate the base of natural resources that should remain and protected areas; point out the areas exposed to natural hazards and their management; identify sustainable productive and extractive activities and systems; guide the planning of land uses and indicate the areas that require land adaptation or recovery projects In most countries,

8085-403: The mid-twentieth century was, in part, created by a flat approach to land use regulations. Zoning without planning created unnecessarily exclusive zones. Thoughtless mapping of these zones over large areas was a big part of the recipe for suburban sprawl. It was from the deficiencies of this practice that land use planning developed, to envision the changes that development would cause and mitigate

8190-417: 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

8295-489: 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

8400-418: The most appropriate efficient and sustainable territorial order in coordination with any other relevant corresponding entities such as construction companies and the public. In view of sustainable development , land use planning is seen as a political and technical-administrative decision-making process agreed with social, economic, political and technical factors, for orderly occupation and sustainable use of

8505-401: The negative effects of such change. As America grew and sprawl was rampant, the much-loved America of the older towns, cities, or streetcar suburbs essentially became illegal through zoning. Unparalleled growth and unregulated development changed the look and feel of landscapes and communities. They strained commercial corridors and affected housing prices, causing citizens to fear a decline in

8610-424: 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

8715-522: 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),

8820-435: 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,

8925-401: 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

9030-651: 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

9135-770: The perpetuation of systematic inequity for Indigenous peoples, since livelihoods, preservation of culture and tradition, access to adequate housing, and access to resources are all factors that are deeply rooted in land. Many Indigenous groups are embracing land use planning to determine the future of their territories. In Canada, for example, the Dehcho First Nations have developed a land use plan that honors cultural traditions and Elders' knowledge, and incorporates conservation, development zones, and other categories. This plan, which has been extensively researched, can serve as an excellent model for other Indigenous Nations, and for cities and areas across North America. While most of

9240-489: The physical character of the land. This allows a community to plan for growth while preserving the natural and historical nature of their environment. Natural ecology and historical identity of the city are matched to its topography in the Urban Landscape System approach that intends to mitigate effects of climate change and improve city branding through the ontology of place. Another approach to land use planning

9345-447: The power of eminent domain. If the regulation of land use is done under the authority of the police power, the private property owner isn't typically entitled to compensation as they would be if property was taken under the power of eminent domain. The court decision in the case Commonwealth v. Alger was related to land use planning and dealt with the construction of a wharf on privately owned tidelands around Boston Harbor. Milan city

9450-515: 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

9555-469: The public spaces around them, but rather has provided a pragmatic system for mapping jurisdictions according to permitted land use. This system, combined with the interstate highway system , widespread availability of mortgage loans , growth in the automobile industry, and the over-all post-World War II economic expansion , destroyed most of the character that gave distinctiveness to American cities. The urban sprawl that most US cities began to experience in

9660-454: 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

9765-431: 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

9870-456: 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

9975-416: The same whatever term is applied. The Canadian Institute of Planners offers a definition that land use planning means the scientific, aesthetic, and orderly disposition of land, resources, facilities and services with a view to securing the physical, economic and social efficiency, health and well-being of urban and rural communities. The American Planning Association states that the goal of land use planning

10080-495: The secured property take priority over the borrower's other creditors , which means that if 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

10185-504: The social, economic and environmental attributes that defined their quality of life. Zoning regulations became politically contentious as developers, legislators, and citizens struggled over altering zoning maps in a way that was acceptable to all parties. Land use planning practices evolved as an attempt to overcome these challenges. It engages citizens and policy-makers to plan for development with more intention, foresight, and community focus than had been previously used. Land use planning

10290-414: The social, political and economic formation of society. As mentioned earlier, the use of land refers to the occupation of a certain area according to its agrological capacity and therefore its development potential, it is classified according to its location as urban or rural, it represents a fundamental element for the development of the city and its inhabitants since it is from these that its urban structure

10395-441: The types of activities that can be accommodated on a given piece of land, as well as the amount of space devoted to those activities, and the ways that buildings may be situated and shaped. The ambiguous nature of the term "planning", as it relates to land use, is historically tied to the practice of zoning. Zoning in the US came about in the late 19th and early 20th centuries to protect the interests of property owners. The practice

10500-470: 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

10605-440: The user to view a composite of a specific area, adding an array of graphically oriented decision making tools to the planning process. A transect , as used in planning, is a hierarchical scale of environmental zones that define a land area by its character, ranging from rural, preserved land to urban centers. As a planning methodology, the transect is used as a tool for managing growth and sustainability by planning land use around

10710-425: 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

10815-529: Was either coal or oil fuel, which meant that the environment was disregarded and damaged by numerous urban development projects. Today, the United Nations has found that over half of the world's population lives in cities that are still growing. In order to create environmentally viable urban landscapes, the UN advocated for green energy use, as well as urban development that encouraged green-friendly transportation. In

10920-612: Was found to be constitutionally sound by the Supreme Court decision of Village of Euclid v. Ambler Realty Co. in 1926. Soon after, the Standard State Zoning Enabling Act gave authority to the states to regulate land use. Even so, the practice remains controversial today, particularly in its impact on economic and racial segregation, as some critics argue that zoning has often been used to exclude certain populations from particular neighborhoods. The "taking clause" of

11025-417: 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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