A legal agreement whereby a bank, building society, etc. makes a loan at interest in return for taking title to the debtor’s property, with the condition that the transfer of title becomes void on repayment of the loan.
“I put a lakh in cash and got a mortgage for the rest”
Convey (a property) to a creditor as security for a loan.
“The property was mortgaged to the extent of”
What is mortage?
When you get a mortgage, your lender gives you a fixed amount of money to buy a home. You agree to repay your loan – with interest – over a period of several years. A lender’s lien on the home continues until the mortgage is paid in full.
What is mortgage and example?/mortage
A mortgage is a loan taken out to purchase a property and is secured by the same property. An example of a mortgage is the loan you took out when you bought your home.
Why is it called /mortgage/mortgage?
The word comes from Old French morge, literally “dead pledge”, from mort (dead) and gage (pledge). According to the Online Etymology Dictionary, it is so called because the deal is over when the debt is paid or when payment fails.
Is a home loan the same as a mortgage?
The terms “mortgage” and “home loan” are often used interchangeably, but they don’t mean exactly the same thing. is protected. A home loan is a type of mortgage that is specifically used to purchase a home.
Is mortgage good or bad?
Mortgage/Mortgage. /Mortgage loans have historically been considered one of the safest forms of good debt, as your monthly payments ultimately build equity in your home.
Is a mortgage a good idea?
When used properly, it can help you generate income and increase your net worth. Also, mortgages are one of the cheapest types of loans. Interest rates are low and federal and state tax breaks make it possible for you to pay even less after the mortgage deduction.
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