► Apply Now
Mortgage loan
This is a loan that requires the pledge of a collateral or security for borrowing
money. Loans are usually secured by real property although in some cases another
asset can be used as collateral.
The terms of a mortgage loan are stipulated in a document often referred to
as simply mortgage, in which terms and conditions such as repayment duration,
interest rates and the lender's right to repossess the pledged property after
the failure of repayment.
There are two types of mortgage loan; mortgage or dead pledge, and deed of
trust both constituting an agreement between lender and borrower to pledge a
security for repayment on the terms of a loan, which purpose is the purchasing
or refinancing of real estate.
A mortgage loan is a term also applied to the written document by which such
conveyance is made.
|
Online Mortgage Loan information