Mortgage Loan

A mortgage loan is a secured financial product designed to help people buy, build, or refinance residential or commercial property. The property itself is used as collateral, which allows borrowers to access larger loan amounts with lower interest rates compared to unsecured loans.

Mortgage loans are typically repaid through fixed or adjustable monthly payments over a long tenure, such as 15, 20, or 30 years. These payments usually include both principal and interest, and may also cover taxes and insurance depending on the agreement. Borrowers can choose between different types of mortgage loans, including fixed-rate mortgages (stable monthly payments) and adjustable-rate mortgages (interest rates that may change over time).

This type of loan makes homeownership more affordable by spreading the cost over many years. Mortgage loans are widely used by first-time homebuyers, property investors, and homeowners looking to refinance for better terms or lower interest rates.