In Layman’s terms, mortgage loans are the loans secured by any kind of property or real estate. When a person needs to buy a home and takes a loan for the same, that loan is known as a mortgage. A mortgage lender is promised that the amount lent by him will be paid back by the buyer in a certain amount of time at a certain cost. Also, the lender gets a legal claim on the house if the borrower/buyer defaults on mortgage payments. In simple terms, the borrower gets the possession of the home, but the lender is the actual owner of the place till the debt is completely paid off. http://www.awmlending.com/
No comments:
Post a Comment