What is mortgage loan?
1 answer
A mortgage loan is a loan obtained from a financial institution or lender to purchase a home or real estate property. The borrower (known as the mortgagor) agrees to repay the loan amount plus interest over a specified period of time. The property being purchased serves as collateral for the loan, meaning that the lender can take ownership of the property if the borrower fails to repay the loan according to the terms of the mortgage agreement.