Know What is Mortgage

Do you ever use any mortgage? Mortgage is a simple way to make yourself get what you want. A mortgage is the pledging of a property to a lender as a security for a mortgage loan. So you must have atleast one property in order to get the loan. You can use the loan for whatever purpose you wanted.

I will make an example. For example you want to buy a building for your place to work. But you only have one single house. If you have the cetificate of the house, then do not worry. You can lend it to a lender in order to get money to buy the building. If you already have money that you can pay it back. That is if your work is a success. But if you failed to pay then your house will be in the lender’s hand. It is quite simple.

There are a lot of benefit to use mortgage. There is also the negative. But if you done it well it will give benefit both for you and the lender. The one thing you must know about is mortgage rate. Mortgage rate is different for every lender. Just know it well before you want to use mortagage.