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Regarding mortgage loans..

Posted on: 11th Jan, 2007 12:03 am
What is mortgage loan on property?
It's a home loan taken from a lender or mortgage company keeping the home as security. That is, if you fail to repay the loan, the lender will take away your property and perhaps sell it to get back the money he has initially invested.
Posted on: 11th Jan, 2007 12:33 am
A loan taken against your primary residence
Posted on: 11th Jan, 2007 02:26 am
If you keep your property as collateral for the loan then it is called as a mortgage loan. It is an assurance to the loan provider that if you do not repay the total loan amount within the specified time period, he will have legal authority to sell the property to recover his balance loan amount that you did not repay.

Axler
Posted on: 11th Jan, 2007 11:27 am
The collateral is the residential property of the borrower if it is a residential mortgage. But in case of a commercial loan, the collateral is the business property.
Posted on: 12th Jan, 2007 01:06 am
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