Mortgage

A Mortgage is a loan of money, specific to the subject of Real Estate. Mortgages are often offered by Banks, or through Mortgage Brokers, although still originating from Banks. In return the lender(Bank) will be paid interest from the homebuyer or borrower, usually over a long period of time (10-30 years). Also, is mortgage loan is “secured” meaning if the terms are violated, ie: missing too many payments, the loan can be taken away and liquidated. The lender often requires the borrow to purchase “Homeowner’s insurance” if it’s a private property.  There are different Mortgage Loan types in which the method of re-payment varies. Common types of Mortgages are: Fixed Rate Mortgages and adjustable rate mortgages.

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