What is a mortgage?
25 May 2007A Mortgage is a way of obtaining a piece of property or item through using collateral- which often is the item one is trying to obtain. For instance, it is very common to obtain a mortgage on one’s home from the bank. This money comes as a loan, and the bank has control over the property or item until the entire sum is paid. This is different from Secured Loans, since mortgages never give the buyer ownership of the property until it is paid in full. Mortgages are a good alternative to those who do not qualify for other types of loans.
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