What is mortgage? Types of mortgage? Collateral documents in mortgage?

Question

Accepted Answer

Mortgage is a loan taken to purchase a property. Collateral documents are required to secure the loan.

Mortgage is a type of loan used to purchase a property.
The borrower pledges the property as collateral for the loan.
Types of mortgage include fixed-rate, adjustable-rate, and government-insured mortgages.
Collateral documents in mortgage include the deed of trust, promissory note, and title insurance.
The deed of trust gives the lender the right to foreclose on the property if the borrower defaults on the loan.
The promissory note outlines the terms of the loan, including the interest rate and repayment schedule.
Title insurance protects the lender and borrower from any legal disputes over ownership of the property.

Accepted Answer

A mortgage is an agreement between ypu and a lender that gives the lender the right to take your property if you to repay the money you have borrowed plus interest.

What is mortgage? Types of mortgage? Collateral documents in mortgage?

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