Mortgage is a loan that is collateralized with a specific piece of real estate, either residential or commercial. Because mortgage is a loan, so there are two parties, the borrower and the lender.
The borrower must make a series of mortgage payments over the life of the loan, and the lender has the right to foreclose or lay claim against the real estate in the event of the loan default. The interest rate of the loan is called the mortgage rate or contract rate.
Sunday, September 16, 2007
Subscribe to:
Post Comments (Atom)
0 komentar:
Post a Comment