A mortgage is referred to as an understanding that enables a lender to take possession of property whenever a borrower fails to pay. Although people usually refer to a mortgage as a home loan which is basically money that you acquire to purchase a home, this isn’t always the case. If you do not make the scheduled installments for quite some time, the lender will possess the house and sell it to recover the money owed.
It is common to hear the terms mortgage and home loan being used in the same sentence although their meanings are different. A mortgage is actually the agreement that makes a home credit to work and not the loan itself...Read more »