mortgage loan
Property purchase debt
A mortgage loan is money borrowed to purchase real estate, with the property itself serving as collateral.
If the borrower defaults, the lender can seize the property through foreclosure.
Mortgage loans typically span 15 to 30 years, with monthly payments covering principal and interest: They took out a mortgage loan to buy their first home.
- lenderOne who loans money
- fixed rateUnchanging interest percentage
- deed of trustLoan collateral agreement for property
- real estateLand and its structures
- interestAttention, stake, or fee
amortization · monthly payment · property taxes · underwater · promissory note · refinance · escrow · collateral · checking account · equity · principal · homeowner · credit · deed · capital · home · bank · adjustable