Mortgage - A loan secured by the collateral of some specified real estate property which obliges the borrower to make a predetermined series of payments.
A loan, secured by the collateral of some specified real estate property, in which the borrower is obligated to make a predetermined set of payments to repay the loan.
A loan used to buy your house, where your house is used as security until you"ve paid off the loan (usually after a fixed period). There are three main types of mortgage:
Mortgage : a loan secured by the collateral of some specified real estate property which obliges the borrower to make a predetermined series of payments.
a loan, secured by the collateral of some specified real estate property, in which the borrower is obligated to make a predetermined set of payments to repay the loan.
a loan used to buy your house, where your house is used as security until you"ve paid off the loan (usually after a fixed period). there are three main types of mortgage:
- a repayment mortgage - you pay off the loan by instalments of capital and interest so that after the agreed period you have paid off all the loan
- an interest only mortgage - you pay only interest on your mortgage and make other arrangements to repay the capital, like an endowment policy.
- a flexible mortgage allows you to make overpayments and take payment holidays.
a loan in which the borrower (the mortgagor) offers a property and land as security to the lender (the mortgagee) until the loan is repaid. repayments of the loan are usually made on a monthly basis over a long period of time, typically 25 years. in the uk, the most common forms of mortgage are the repayment mortgage and the interest only mortgage.
Mortgage