What is Mortgage Loan? by Subhash Kumar A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt. (Data Entry) It is a contract or deed specifying the terms of a mortgage.Debt instrument giving conditional ownership of an asset, secured by the asset being financed. The borrower gives the lender a mortgage (Computer Jobs)

in exchange for the right to use the property while the mortgage is in effect, and agrees to make regular payments of principal and interest. The mortgage lien is the lender's security interest and is recorded in title documents in public land records. The lien is removed when the debt is paid in full. A mortgage normally

involves real estate and is a long-term debt, normally 25 to 30 years, but can be written for much shorter periods.Types of Mortgage Loans Although you may see many different types advertised, they all belong to just two families: those mortgages that carry fixed interest rates, and those whose rates change

during the course of the loan on a periodic schedule mutually agreed upon by you and your lender.* Fixed Rate MortgagesThe major advantage of fixed rate(Jobs) mortgages is that they present predictable housing costs for the life of the loan.

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