What is meant by Mortgage in Banking?
Below is the list of Mortgage terms used in Banking.
- Mortgage: An obligation instrument utilized in a genuine domain exchange where the property is the collateral for the credit. A contract gives the moneylender a right to require ownership of the property in case the borrower comes up short to pay off the loan.
- Mortgage Loan: A credit made by a moneylender to a borrower for the financing of genuine property.
- Mortgagee: The moneylender in a contract advance relationship.
- Mortgagor: The borrower in a contract advance relationship. (Property is used as collateral to create installment.)