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What is a Mortgage?
The loan used for the financing of the purchase of a specified real estate property, usually with predetermined set of payment periods and interest rates, is called mortgage. Mortgages are also known as "liens against property" or "claims on property".
The legal term for the borrower is mortgagor and the legal term for the lender is mortgagee.
Home loan and mortgage are usually considered as synonyms. Nevertheless, there is a slight difference between the two despite their obvious connection. The difference is that the mortgage is the agreement on which your home loan is based. Otherwise, if the bank doesn't have your home as a guarantee against you defaulting on the home loan, they will not lend you so much money.
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