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What is a Mortgage Loan?
By admin | March 28, 2008
Topics: Rich Dad Poor Dad |
A mortgage loan is a loan secured by real property through the use of the legal instrument of a mortgage. A home buyer or builder can get financing, through a loan, either to purchase or to secure against the property. They can obtain such financing from a financial institution either directly or indirectly through intermediaries. An example of a financial institution is a bank. Each mortgage loan can vary considerably by having different features and characteristics. Features can include the size of the loan; maturity of the loan; interest rate; method of paying off the loan; etc.
Excerpted from:
What is a Mortgage Loan?
