Mortgage Loan

A mortgage loan is a financial product that enables individuals to purchase a home or property by borrowing money from a lender, typically a bank or financial institution. The borrower agrees to repay the loan in regular installments over a set period, usually 15 to 30 years. The property purchased serves as collateral for the loan, meaning the lender has the right to claim the property if the borrower defaults on payments. There are different types of mortgage loans, including fixed-rate, adjustable-rate, and government-backed loans, each with distinct features that can affect monthly payments and overall costs.