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A mortgage loan is a type of loan specifically used to purchase real estate. Here’s a breakdown of the key aspects of a mortgage loan:
A mortgage loan is a secured loan where the property being purchased serves as collateral. This means that if the borrower fails to repay the loan, the lender has the right to take ownership of the property through a legal process known as foreclosure.
A mortgage is a significant financial commitment and usually involves careful consideration and planning. It is essential to understand the terms and conditions of the loan and to ensure that monthly payments are manageable within one's budget.
