28th Nov 2009 by Tobias John Sterling
A mortgage loan is a loan secured by a mortgage on real property. In the vast majority of cases, the property that becomes collateral for the loan is the one that the borrower buys with the loan funds. The mortgage means that if the borrower defaults on the loan repayments, then the lender may have the right to repossess the property, which would usually then be sold to recoup the loan amount.
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