About Mortgage A Mortgage is a loan where your property or real estate is used by the lender or bank as collateral. Once the lender or bank lends you a mortgage, you make a promise to repay the home loan you have borrowed with the interest rate agreed at the time of origination. The title of the property is in the borrower’s name however the lender has a 1st lien on the title till the loan is paid off. If the borrower fails to make timely payments, the lender can foreclose on the house to recover the remaining loan amount. The lender owns the house until the loan is paid off. How Does A Mortgage Work? Mortgage loans are usually taken by individuals who do not have enough cash funds in hand to purchase a property. Based on the property value and a few other parameters Banks or Lenders will decide how much of the loan can be approved (Maximum up to 97.5%) and the rest will have to be the down payment made by the borrower. However, there are governme
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