A mortgage loan (or often just known as “mortgage”) is a loan used to buy property. In a mortgage loan, you (the borrower) give the lender (often a bank) rights to a property until you completely pay off the required payments along with interest.

What is a Mortgage Loan?

A mortgage loan (or often just known as “mortgage”) is a loan used to buy property. In a mortgage loan, you (the borrower) give the lender (often a bank) rights to a property until you completely pay off the required payments along with interest.

To put it in simple words, when you use a mortgage to buy a house, you are taking out a loan to buy the house. This loan is however secured by the same house, in simple words the same property is used as a guarantee for your loan. If you fall back on your monthly payment, then ...