Mortgage Loan is a credit secured by a lien on property.
What is mortgage loan for?
Mortgage loans are mostly used by people to finance the purchase and renovation of their properties. Commercial mortgage loans are also an option to obtain capital funding for the development of enterprises and organizations. Mortgage loans are generally long term (1-25 years) and for banks or other financial institutions that provide them they represent a low risk (credit is usually given to 80% of property value) and therefore the interest of mortgage loans is usually lower than the interests on other types of loans.