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A loan is a sum of money given by one party to another that has to be repaid according to the terms of the loan.
A mortgage loan uses real property as collateral to guarantee repayment of the loan. The borrower transfers an interest in their real property to the lender during the life of the loan. When the loan is paid off the lender releases its interest. If the loan is not paid off the lender can take possession of the property by foreclosure.
A loan is a sum of money given by one party to another that has to be repaid according to the terms of the loan.
A mortgage loan uses real property as collateral to guarantee repayment of the loan. The borrower transfers an interest in their real property to the lender during the life of the loan. When the loan is paid off the lender releases its interest. If the loan is not paid off the lender can take possession of the property by foreclosure.
A loan is a sum of money given by one party to another that has to be repaid according to the terms of the loan.
A mortgage loan uses real property as collateral to guarantee repayment of the loan. The borrower transfers an interest in their real property to the lender during the life of the loan. When the loan is paid off the lender releases its interest. If the loan is not paid off the lender can take possession of the property by foreclosure.
A loan is a sum of money given by one party to another that has to be repaid according to the terms of the loan.
A mortgage loan uses real property as collateral to guarantee repayment of the loan. The borrower transfers an interest in their real property to the lender during the life of the loan. When the loan is paid off the lender releases its interest. If the loan is not paid off the lender can take possession of the property by foreclosure.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoA loan is a sum of money given by one party to another that has to be repaid according to the terms of the loan.
A mortgage loan uses real property as collateral to guarantee repayment of the loan. The borrower transfers an interest in their real property to the lender during the life of the loan. When the loan is paid off the lender releases its interest. If the loan is not paid off the lender can take possession of the property by foreclosure.
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What is the difference between a mortgage and a home equity loan?
The difference between a mortgage and a home equity loan is that with a mortgage you're just being "loaned" the money and will be paying it back over a period of them and with a home equity loan you can withdraw funds on a needed basis.
What is the difference between a Conventional and an FHA Mortgage?
FHA loan requires 3% down.
What is the difference between a mortgage vs a home equity loan?
A mortgage is taken out for the sole purpose of paying for and acquiring a home. A home equity loan is taken out on a property where you already have a mortgage or have paid off the mortgage and want to release some of the difference between the value of your home and the balance of any remaining mortgage to spend on other purposes.
What is the difference between a reverse mortgage and a regular home equity loan?
A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.
What is the difference between collateral and mortgage?
Typically a mortgage is a loan secured by real property (land!) and collateral is personal property (jewels, bonds, valuables, etc.) used to secure a loan.
What is the difference between a mortgage and a home equity loan?
The difference between a mortgage and a home equity loan is that with a mortgage you're just being "loaned" the money and will be paying it back over a period of them and with a home equity loan you can withdraw funds on a needed basis.
What is the difference between a construction mortgage loan and a normal mortgage loan?
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
What is the difference between a Conventional and an FHA Mortgage?
FHA loan requires 3% down.
What is the difference between a mortgage vs a home equity loan?
A mortgage is taken out for the sole purpose of paying for and acquiring a home. A home equity loan is taken out on a property where you already have a mortgage or have paid off the mortgage and want to release some of the difference between the value of your home and the balance of any remaining mortgage to spend on other purposes.
What is the difference between a loan company and a bank when it comes to a mortgage?
Mortgage companies typically employ brokers who are paid commissions based on sales. This is the main difference, but not only.
What is the difference between a reverse mortgage and a regular home equity loan?
A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.
What is the difference between a legal charge and a mortgage?
A mortgage is a loan secured by real property.A legal charge in some jurisdictions is the right a lender has to take that property if the loan is not paid back.
What is the difference between collateral and mortgage?
Typically a mortgage is a loan secured by real property (land!) and collateral is personal property (jewels, bonds, valuables, etc.) used to secure a loan.
What is the difference between a 30 year and 15 year mortgage?
The main difference between an 30 year mortgage and a 15 year mortgage would be the monthly cost. The 30 year would be cheaper payments but the loan interest would cost more.
What is the difference with primary market mortgage and secondary market mortgage?
The Primary Mortgage is that relationship that exists between a lender and a potential borrower. on the other hand, the Secondary Mortgage Market is the relationship that exists after the loan is closed and the lender markets the collateral of that loan for sale to an investor.
What is the difference between wholesale and retail mortgage?
A wholesale mortgage is done through a broker who then originates it with the bank that funds the loan. A retail mortgage is originated directly with the bank that will fund the transaction.
What is the difference between refinancing and a second mortgage?
Refinancing is re-assessing the terms of your current mortgage. You are capable of refinancing any loan at any time whether it is a home, auto or personal loan. A second mortgage is a mortgage in addition to your primary note. If you obtain a second mortgage you will be liable to pay two monthly mortgage payments.
