Mortgage Loan

A mortgage loan is a financial arrangement where a lender provides funds to purchase property or real estate. This loan is secured by the property itself, allowing borrowers to pay back the borrowed amount plus interest over an agreed-upon period, usually spanning several years. It typically requires a down payment and involves monthly payments towards both principal and interest. The terms, interest rates, and eligibility criteria vary based on the borrower’s financial history, credit score, and the property’s value. Successful repayment allows homeownership while defaulting can lead to foreclosure.