Mortgage loan

A mortgage loan is a loan granted subject to the condition of mortgaging one or more properties that make up the borrower's assets. The mortgage may be placed on the property for which the loan is requested, or on a property separate from the loan application. If the borrower fails to repay the loan, the bank can seize and sell the mortgaged property. A mortgage operates in the same way as a conventional loan. Its terms and conditions, duration and amount are set out below. The terms and conditions of a mortgage are similar to those of a conventional loan. It is therefore possible to repay the loan early and adjust the monthly repayments, but the mortgage rate can also be variable or fixed. If the mortgaged property is sold, the loan can be paid off early, but it is also possible to take out a replacement mortgage on another property..