2007-01-26 10:22:40 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
A loan that is given to you by a lending institution such as a bank for a house that you want to buy but cannot afford without taking out a mortgage. They charge interest on the loan (that's how they make their money). You pay a monthly payment (including interest, taxes, and insurance) and that is called a mortgage.
2007-01-26 10:31:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A mortgage is an agreement between you and a bank for a loan to buy property, they lend you the full amount and you pay it back over time+ interest
2007-01-26 10:31:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The bank purchases your home from the seller. The mortgage is the contract between you and the bank to purchase the home from them over a certain period of time (usually 15 or 30 years), with them charging you a certain rate of interest on the money they laid out to buy the home.
2007-01-26 10:32:36 · answer #3 · answered by ~StepfordWife~ 3 · 0⤊ 0⤋
a mortgage is a loan for real estate - a home.
2007-01-26 10:30:07 · answer #4 · answered by Mon-chu' 7 · 0⤊ 0⤋
Motgage is the loan you recieve to buy a house.
2007-01-26 10:30:36 · answer #5 · answered by jbradc69 3 · 0⤊ 0⤋
An expensive way to buy a house!!
2007-01-26 10:29:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋