Tag: loans

Advantages and Disadvantages of Mortgage
Finance and Business

Advantages and Disadvantages of Mortgage

Buying your own home is a dream that most adults dream of. The reason for this is because owning a house or a property has become a near impossibility with the real estate prices sky-rocketing. Now, thinking about a new house translates to thinking about getting a mortgage. So let us see what are the advantages and disadvantages of a mortgage. What is a Mortgage? In pure dictionary meaning, a mortgage is an agreement that allows an individual to borrow money from a bank or similar organization, especially to buy a house or the amount of money itself. It is a legal contract by which a loan is granted by a bank or a lender to a person with his or her property as security. The loan is repaid along with interest and other costs. The contract subsequently ends once the loan is repaid. But if ...
Must-know facts About Advantages and Disadvantages of Mortgages
Finance and Business

Must-know facts About Advantages and Disadvantages of Mortgages

Mortgage helps millions of people in buying many things. Not all of them can manage high expenses from buying things like house, cars etc. The repayment of the money is according to the lender’s preference like monthly or with or without interest. But a certain period is allotted to repay the entire money to the lender. Let’s get into the advantages and disadvantages of Mortgage. What are the Advantages of mortgage? Ownership: The borrower must repay the money within the specific time period to lender. If not, the lender has the rights to seize the property back to him. This, helps in securing one’s own property though it is sold without any proper payment of money. Repayment in small amounts: Mortgages helps people in buying the property for less amount initiall...