What is better, a loan or a mortgage?
I intend to buy a house and I will be a first time buyer.I am not sure what to do ? take a bank loan or mortgage. Please support.
Answers:
Always do a loan, a mortgage has too much paperwork
A mortgage is a loan that is back by the house. That is the best and pretty much only way to turn.
A mortgage is a loan. More specifically it is a loan that uses a house for collateral. Collateral based loans tend to have lower interest rates because they are smaller quantity risky for the lender. (i.e. if you default on the loan then they own the collateral (house) to try and offset the loss). Source(s): Bank Loan Officer.
Related Questions:
If I defaulting on my mortgage will my student loan be automatically default as all right.?
it is from a bank not a government loan. Not as long as you maintain paying the payments. They are two separate loans and have nothing to do next to each other. For ex., if you...
Answers:
Always do a loan, a mortgage has too much paperwork
A mortgage is a loan that is back by the house. That is the best and pretty much only way to turn.
A mortgage is a loan. More specifically it is a loan that uses a house for collateral. Collateral based loans tend to have lower interest rates because they are smaller quantity risky for the lender. (i.e. if you default on the loan then they own the collateral (house) to try and offset the loss). Source(s): Bank Loan Officer.
Related Questions:
If I defaulting on my mortgage will my student loan be automatically default as all right.?
it is from a bank not a government loan. Not as long as you maintain paying the payments. They are two separate loans and have nothing to do next to each other. For ex., if you...