Tag: Mortage

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 ...