What is Mortgage

The term mortgage has acted as a boost to the housing market over the world. Mortgage can be defined as a method of having property instead of paying the total value of the property.

It simply means as making a loan while an individual or business owns a real estate. In the mortgage practices, there are mainly two parties involved. One is called mortgagor who borrows and the mortgagee is lender.

The mortgage types among the countries over the world can be of different types depending upon the kind of property, lands and other conditions.

*Source:-http://finance.mapsofworld.com/mortgage/