ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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down payment
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closing costs
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equity
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mortgage
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Detailed explanation-1: -Mortgage loans help individuals to finance the acquisition of real estate property by paying a little chunk from the total value of the property. What Is Mortgage? A mortgage is a loan financing the purchase or maintenance of a property, land, or other types of rental properties.
Detailed explanation-2: -A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve borrowed plus interest. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.
Detailed explanation-3: -There are six different mortgage types in India, such as simple mortgage, usufructuary mortgage, English mortgage, mortgage by conditional sale, mortgage by title deed deposit, and anomalous mortgages, which are further explained below.
Detailed explanation-4: -contract. debt. deed. pledge. title. homeowner’s loan.