WHAT IS A MORTGAGE AND ITS TYPES?
About Mortgage An activity wherein an individual borrows money from a lender for a fixed period of time to purchase a property which becomes a collateral or security for the lender is how we define the concept of mortgage . In the light of real estate and loans, this concept can be understood that the common masses apply for. Mortgage is a term which is used in our day to day lives that is used to repay a financial obligation or a loan. Between loan and real estate, people often get confused. However, a mortgage process basically moves around a collateral security that is saved as a substitute for an equivalent financial value. A legal agreement is involved in it which is also known as a mortgage deed, which takes place between the mortgagee (one who borrows money) and the mortgagor (one who lends money). Types of Mortgage Various types of mortgage are: REPAYMENT MORTGAGE In the repayment mortgages, the standard concept wherein ...