Mortgage Loan Definition Of

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Posted on September 19, 2018 at 02:06 AM

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Mortgage financial definition of mortgage
Mortgage. A mortgage, or more precisely a mortgage loan, is a long-term loan used to finance the purchase of real estate. As the borrower, or mortgager, you repay the lender, or mortgagee, the loan principal plus interest, gradually building your equity in the property.
Definition of MORTGAGE LOAN - Merriam-Webster
: a loan secured by a mortgage on real property Love words? You must — there are over 200,000 words in our free online dictionary, but you are looking for one that’s only in the Merriam-Webster Unabridged Dictionary.
Mortgage loan legal definition of mortgage loan
A balloon mortgage has a fixed interest rate and a fixed monthly payment, but after a fixed period of time, such as five or ten years, the whole balance of the loan becomes due at once, meaning that the buyer must either pay the balloon loan off in cash or refinance the loan at current market rates.

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