What is mortgage

Question

What is mortgage

Accepted Answer

A mortgage is a loan used to purchase a property, where the property itself serves as collateral for the loan.

A mortgage is a financial agreement between a borrower and a lender.
It is used to finance the purchase of a property, such as a house or a commercial building.
The borrower agrees to repay the loan over a specified period of time, typically with interest.
The property being purchased serves as collateral, which means the lender can seize the property if the borrower fails to repay the loan.
Mortgages can have different terms and conditions, including interest rates, repayment schedules, and down payment requirements.
There are various types of mortgages, such as fixed-rate mortgages, adjustable-rate mortgages, and government-backed mortgages like FHA loans or VA loans.
Mortgages play a crucial role in the real estate market, enabling individuals and businesses to become property owners.
Example: If someone wants to buy a house worth $300,000 but doesn't have enough savings, they can apply for a mortgage from a bank or a mortgage lender.
Example: The borrower may need to make a down payment, say 20% of the property value, and the remaining amount will be financed through the mortgage.
Example: The borrower will then make monthly mortgage payments, which include both principal and interest, over a period of, let's say, 30 years.

Accepted Answer

Mortgage is agreement you can plagued the documents in bank and take loan and paly the amount in installments

Accepted Answer

A mortgage is a loan.provided by a mortgage lender or a bank

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