mortgage loans
Property purchase borrowing
Mortgage loans are loans used to purchase real estate, with the property itself serving as collateral.
If the borrower fails to repay, the lender can seize and sell the property to recover the debt.
Most home purchases involve mortgage loans, typically repaid over fifteen to thirty years: They applied for a mortgage loan to buy their first house.
The term is often shortened to simply "mortgage."
- first-time buyerOne buying initially
- down paymentInitial sum toward purchase
- adjustable rateInterest that fluctuates
- promissory noteWritten debt obligation
- good faith estimateSincere preliminary cost projection
credit score · debt-to-income ratio · foreclosure · deed of trust · lien · refinancing · secured loans · prepayment penalty · property valuation · closing costs · co-signer · title insurance · escrow account · interest rates · investment properties · homeowner · deed · collateral
- bankingbank, banks, ATM, ATMs, account
- loansloans, lend, borrow, auto loans, bank loans
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- mortgagesfixed-rate mortgages, home loans, adjustable-rate mortgages, down payment, refinancing
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- federal loansdirect loans, subsidized loans, government loans, federal aid, FAFSA
mortgage loansrenting
Paying for temporary use
rental agreements · leasing · lease contracts · rent payments · tenancy
mortgage loansunsecured loans
Credit without collateral
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