subject: Mortgage Vs. Loan [print this page] Mortgage VsMortgage Vs. Loan
People never satisfied from what they have. To complete their Satisfaction, they used to purchase more and more attractive as well as wonderful properties, these properties may be anything like; House, Car etc. But Due to some Circumstances they do not have enough money to pay for the Particular properties, hence they need any Banking Sector, Financing Agencies and any other Finance Provider that can lent them money for limited time duration and by applying some conditions. Which is known as a "LOAN".
Today there are so many Companies as well as Government Banks that helps people to get properties by giving them a Loan, but now-a-days one of the most popular loan is "MORTGAGE LOAN". Mortgage is such a same as a LOAN. In simple words we can say that
" A mortgage is a method of using properties as security for the performance of an Obligation, usually the payment of a debt."
BUT,
"A LOAN is one kind of Debt. This debt has to be payed before particular Time duration and with additional interest rates is also to be paid by Borrower in LOAN."
The terminology of Mortgage are different form one country to another country, But so many features are same in all countries described as per the following:
1..Properties :- The Basic needs of mortgage is Properties it is more desired for the mortgage in almost every country.
2..Borrower :- There is no mortgage possible without Borrower because if there is no one to buy then there is no question for mortgage. Thus this is must required for mortgage in any country.
3..Lender :- Lender is also most required feature or entity for mortgage. If there is no one that wants to sell for a mortgage then mortgage can't be possible.
There are so many features of mortgage but above mentioned are the most common features in almost every country.
