MORTGAGE

mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.
mortgage payment is typically made up of four components: principal, interest, taxes and insurance. The Principal portion is the amount that pays down your outstanding loan amount. Interest is the cost of borrowing money. The amount of interest you pay is determined by your interest rate and your loan balance.
mortgage. ... Mortgage is a loan taken to purchase property and guaranteed by the same property. An example of a mortgage is the loan you took out when you bought your house.

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