A Mortgage Loan is a financial arrangement where a borrower receives a large sum of money from a lender (like a bank or financial institution) to purchase a property (residential or commercial), and the property itself is pledged as collateral for the loan.
This means that the loan is secured by the property. If the borrower fails to repay the loan as agreed, the lender has the legal right to take possession of the property and sell it to recover the outstanding debt.
7 Views