Network computing is when computers work together over a network. Network computing is ""Storing and/or running applications in servers in a network"" This means that the network may use the power from all the networked computers to perform complex tasks. The network could also be for sharing files so that they can be looked at on any computer in the network easily.
Network computing is the opposite to "Stand-alone computing". This is where computers are not connect to a network. Most laptops and home computers do their jobs alone and are stand-alone computers.
Loan
A loan is a type of debt. The borrower needs to repay the lender the sum of money loaned part by part over time in order to clear the debt.
Acting as a provider of loans is one of the main tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a main source of funding. Bank loans and credit are one way to increase the money supply.
A loan can be broadly described by the following terms.
The deposit or down-payment is an amount of money that the borrower is required to pay, as the first contribution towards clearing the debt, so that the loan deal can be finalized. The deposit is usually higher than the monthly contribution towards the loan. Some loans require a deposit while some do not. The deposit is usually a fraction, typically a percentage, of the total amount that is loaned out.
An Installment is money that is a monthly payment towards the loan. It may not be necessarily paid monthly but it has to be paid from time to time over throughout the loan deal. Installments are paid according to a loan rate.
Interest is a charge on top of the value of the loan, that acts as a cost of the loan. Interest is paid according to a rate called an interest rate. The interest rate varies from loan to loan and from lender to lender.
Loans can be broadly classified as either secured or unsecured loans.
Secured loans are loans for which the borrower is required to guarantee repayment, by pledging with property, for instance a car, a house etc. This property is called security or collateral. Because of the pledging, secured loans are given in larger amounts and have lower interest rates. However, there is a risk of losing the property used as security, in the event that the loan is not paid off.
An example of a secured loan is a mortgage.
Unsecured loans are loans that are given without pledges of repayment. This means that the borrower is not required to provide security to get the loan.
Because of the high risk involved, unsecured loans are given out in smaller amounts and have higher interest rates. The lenders raise the interest rates in an effort to recover their money as quickly as possible. Most personal loans are unsecured loans.
A personal loan is a 'small expense' loan that is mostly used by people to
finance their day to day emergencies. They come in smaller amounts and
therefore, just like most unsecured loans, they are easily approved.
Home loans are loans that are taken for the purpose of buying a house.
Home loans are secured loans. The house acts as a collateral or security
to the loan.
Payday loans are signature loans or cash advances that requires no security. This means that it is possible to get a payday loan even with a bad credit status or no credit at all. Payday loans are given on the basis of employment and income.
However, payday loans have a high interest rate especially when the paying
schedule is not followed. The high interest rates are a cost of convenience.
Interest could run as high as 2000%, for this reason, it is not a good idea to
take a payday loan if you don't expect to earn enough to repay it.
Auto loans are loans given out by financial institutions or car dealerships, for the purpose of buying an automobile. Due to the nature of automobiles to lose value with time, Auto loans usually have high interest rates. The shorter the time an auto loan is paid, the lower the overall cost of the loan will be.
Mortgage is a loan that is used specifically to purchase a house. Usually, a mortgage is given to you by a mortgage company or any financial institution, after evaluation of your potential to pay back the loan in full. A mortgage is a secured loan, therefore, providing collateral is necessary. Mortgage can be further classified into long-term and short-term mortgages, depending on the length of time required for the mortgage to be paid. Short-term mortgages usually have a term of 15 years while long–term mortgages have a 30-year term.
When you get a credit card, you have taken a loan. This is a credit card loan, and just like any other loan, it comes with interest and fees. Credit card loans are given out by credit companies and most banks today. The interest rates on credit card loans are higher than that on most personal loans, often around 15%.
Mortgage
A mortgage is a way to use one's real property as a guarantee for a loan to get money. Real property can be land, a house, or a building. Many people do this to buy the home they use for mortgage: the loan provides them the money to buy the house and the loan is guaranteed by the house.
In a mortgage, there is a debtor and a creditor. The debtor or mortgagor is the owner of the property, while the creditor or mortgagee is the owner of the loan. When the mortgage transaction is made, the debtor gets the money with the loan, and promises to pay the loan. The creditor will receive money back with interest over time (usually in payments made each month by the debtor). If the debtor does not pay the loan, the creditor may take the mortgaged property in place of the loan. This is called foreclosure.
In the 2008 American economic failure, creditors lent money to debtors who could not pay back that money. This lowered housing prices and hurt the economy.
Defined under Section 58(b) of the Indian Transfer of Property Act as a simple mortgage is a transaction whereby ‘without delivering possession (ownership or occupancy) of the mortgaged property, the mortgagor binds himself personally to pay the mortgage money and agrees, expressly or implicitly, that in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold by a decree (an order of law) of the court in a suit(a case in a law court) and the proceeds of the sale to be applied so far as may be necessary in payment of the mortgage money; there is no foreclosure of the mortgaged property. Normally a mortgage is to be registered if the mortgaged money is Rs.100 or more. Mortgage deed is to be executed and appropriately stamped ad valorem with two best available witnesses.
It can be said generally when the possession of the mortgaged property is not delivered, the transaction is simple mortgage.
A mortgage has a product term and a mortgage term, the mortgage term is the total amount of time you will have the mortgage (typically 10 to 25 years) where the product term is how long you will be tied into a fixed rate (normally 2 to 5 years) The borrower promises to repay the borrowed money on a certain date and if it is a repayment mortgage will have cleared the mortgage in full by the end of the mortgage term. The borrower transfers the property to the lender. The lender will re transfer the property when the money is repaid when the mortgaged property is absolutely transferred to the mortgagee. The land registry holds information on who owns a property and which properties have charges outstanding on them.
English mortgage is a type of mortgage where the ownership of property is transferred to the mortgagor on a condition that the mortgagee will transfer the ownership on repayment of the loan, the title deeds are transferred to the mortgagee