A mortgage loan is a type of secured loan where you use your home or commercial property as collateral. The loan is repaid in manageable monthly installments. Lenders usually favor properties that are ready for occupancy and have clear ownership titles in the borrower’s name. The repayment period can extend up to 20 years.
How Does a Mortgage Loan work :-
A mortgage loan is a loan where you use your property as security.
The property acts as collateral for the loan.
Borrowers repay the loan in monthly payments, covering both the loan amount and interest.
Mortgage loans can change with market interest rates.
If interest rates drop, borrowers might refinance to get better terms.
Reverse mortgages help seniors turn their home equity into income for living expenses.
Mortgage loans are flexible, offering various ways to manage finances beyond just borrowing.
