Mortgage is a legal term used for the agreement between borrowers and lenders.
Mortgage loan is the generic term for a loan secured by a mortgageon a home or a property. A borrower can borrow money with this mortgage from any loan lending organization and give them the right to repossess his property, used as guarantee, if he fails to pay-off the loan amount.
Mortgage loans generally refer to a loan secured by residential property or home or land, often for the purpose of acquiring the residence or land. Different types of mortgage loans are available in the market everywhere.
- Fixed rate mortgage loans.
- Adjustable rate mortgage loans.
- Balloon rate mortgage loans.
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