What is a mortgage? Here's what The New Merriam - Webster Dictionary definition is: atransfer of rights to a piece of property usu. as security for the payment of aloan or debt that becomes void when the debt is paid. That's as plain andsimple as it gets, you pledge the property that you're buying to the lenderuntil your home loan is paid off then the mortgage is released and you own theproperty free and clear. The term Mortgage Loan usually pertains to the loanused to purchase a home.
Why and when would you need a mortgage loan? If you're going to enterinto a real estate purchase transaction (land, residence, or commercial) andyou don't have the funds available then chances are you'll need a mortgage loan. In times when
No comments:
Post a Comment