Description: A loan is borrowing money to be repaid with interest, while a mortgage is a specific type of secured loan for real estate where the property itself (house, land) serves as collateral, allowing the lender to seize it if the borrower defaults. Mortgages enable large purchases like homes, providing funds for a lump sum which is repaid in installments (principal + interest) over a long term (e.g., 10-30 years), making homeownership accessible.
Fournie par: CAPITAL CARE FINANCIAL SERVICE
Ville : N/A
Contact : 9825006225
Catégories: Finance & Banking, Loan & Mortgages
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