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What Is A Mortgage Loan?

Mortgage loan is a contract in which certain property is pledged as collateral for a loan. This property can be land or houses or other buildings. A more complex definition suggests that a "mortgage" is not the debt itself, but the property that is pledged as collateral for the debt. 

You can navigate to this website for a mortgage loan that allows you to own a property by paying it extra interest for a certain period of time. As a borrower, you retain all rights and obligations to the property as long as you continue to comply with the terms of the loan; namely the terms of repayment of principal and interest in accordance with the agreed payment schedule. 

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The lender has the right to take the collateralized property if the borrower defaults or fails to meet the agreed loan terms.

Mortgage Loan Options gives you a choice of different types of mortgage loans. These are: adjustable rate mortgage (ARM), 15 year fixed rate mortgage and 30 year fixed rate mortgage. 

An adjustable rate mortgage is a mortgage with a variable rate of interest, as the name suggests. There may be a lower interest rate initially, but the interest rate will change based on market or index fluctuations.