A mortgage loan is a secured loan which is secured by a real property equal or more than the worth of the loan. This type of lending is popular in many countries to finance private ownership of residential property. They are generally structured as long term loan which has a fixed monthly payment over a period of five years to thirty years. Interest is the consideration for the lender. Mortgage lending evaluates the riskiness of the mortgage loan which is termed as creditworthiness of the borrower. There are many types of mortgages used worldwide out of that fixed rate mortgage and floating rate was common.
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