Mortgage Loan
A mortgage loan is a type of secured loan specifically used to purchase real estate, such as a home or commercial property. The borrower receives funds from a lender to buy property or immovable asset such as house or a commercial property and agrees to repay the loan over a set period through regular monthly payments. The property is collateral, meaning the lender can seize the property if the borrower fails to make payments. Mortgage loans generally come with fixed or variable interest rates, and the terms and conditions are influenced by factors like the borrower’s credit score, income, and current market conditions. This type of loan is a fundamental part of the home-buying process, enabling individuals to spread the cost of purchasing property over many years.