mortgage loan

What is a mortgage loan?

✔ Banks are financial institutions that lend out money against certain interest rates
✔ Any person who has a clean credit record can apply for a mortgage loan
✔ The bank will only lend you money if you can prove that you have enough income to repay the loan
✔ Payments must be made promptly every month
✔ When you apply for a mortgage loan the bank will require a stable work record and consistent repayment record of all financial obligations
✔ The loan is “secured” against your home until it’s paid off
✔ If you can’t keep up your repayments the lender (The Bank) can repossess your home and sell it so they get their money back
✔ That is why it is important to pay back your loan regularly as required by the bank, and that you buy a property that you can comfortably afford.

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