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Hrsanei Posted 15 years ago
Vocabulary
Morgage versus loan
Hi.
What's the difference between mortgage and loan?
Thanks
What's the difference between mortgage and loan?
Thanks
Top answer
loan is a thing that is borrowed, especially a sum of money that is expected to be paid back with interest mortgage is a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt
- loan is a thing that is borrowed, especially a sum of money that is expected to be paid back with interest mortgage is a legal agreement by which a bank, building society, etc.
- lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt
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5 Answers
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loan is a thing that is borrowed, especially a sum of money that is expected to be paid back with interest
mortgage is a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt
mortgage is a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt
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Thanks Skiff.
I think bank can give loan too. But the property of debtor won't be transfered to the bank in this case .
Am I right?
I think bank can give loan too. But the property of debtor won't be transfered to the bank in this case .
Am I right?
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hrsaneiThanks Skiff.You are right
I think bank can give loan too. But the property of debtor won't be transfered to the bank in this case .
Am I right?
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If I may offer another view, a loan is any money borrowed. You can get a small loan from your brother that you pay back the next week, pr get a loan for hundreds of thousands of dollars.
A mortgage is a loan for the purchase of your house.
I'm sure people in the field of finance have more precise terms, but for the vast majority of people, the phrase "home loan" is equivalent to
A mortgage is a loan for the purchase of your house.
I'm sure people in the field of finance have more precise terms, but for the vast majority of people, the phrase "home loan" is equivalent to
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