Mortgages

A mortgage loan is a loan secured by real
property through the use of a mortgage
(a legal instrument). However, the word
mortgage alone, in everyday usage,
is most often used to mean mortgage loan.
A home buyer or builder can obtain
financing (a loan) either to purchase or
secured against the property from a
financial institution, such as a bank,
either directly or indirectly through
intermediaries. Features of mortgage loans
such as the size of the loan,
maturity of the loan, interest rate, method
of paying off the loan, and other
characteristics can vary considerably.