Mortgage

Mortgage Meaning:
In banking terminology, the term Mortgage refers to a debt collateralized by specific real estate that the borrower must pay back over a period of time by making pre-specified payments. Also known as a Mortgage Loan.

Mortgage Example:
For example, a Mortgage is typically used by people and businesses to buy real estate without having to pay the whole amount required at the outset.Most first time home buyers will put together a down payment and then take out a Mortgage loan secured against the house they are buying via a Mortgage note to pay off the remaining balance over time.Mortgage loans secured on real estate are usually long term debt agreements, often running over a period of ten, fifteen, twenty or even thirty years, and they usually involve the debtor making payments on a monthly basis.Common types of mortgages include fixed rate, adjustable rate, interest only and balloon loans.
Related Rates
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