Mortgage Loan

Mortgage loan is a loan to finance the purchase of property, usually with given payment periods and rates of interest. The borrower (mortgagor) gives the lender (mortgagee) a lien within the property as collateral for that loan. The mortgagor’s lien within the property expires once the mortgage is paid off in full. A mortgage loan is as used by purchasers of real property to improve capital to buy property; or by existing people to raise funds for almost any purpose while placing a lien within the property being mortgaged.