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What is the difference between a loan and a mortgage?

William Cain

in Student Loans

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Kristi Hammond on May 30, 2019

A loan is an amount of money given by one party to the other that has to be paid according to the terms of the loan. A mortgage loan uses real property as collateral for guarantee of repayment of the loan. The borrower transfers an interest in his real property to the lender during the life of the loan. When the loan is repaid, the lender releases its interest. If the loan is not repaid, the lender can take possession of the property by foreclosure. A loan is an amount of money given by one party to the other that has to be paid according to the terms of the loan. A mortgage loan uses real property as collateral for the repayment of the loan. The borrower transfers an interest in his real property to the lender during the life of the loan. When the loan is repaid, the lender releases its interest. If the loan is not repaid, the lender can take possession of the property by foreclosure. A loan is an amount of money given by one party to the other that has to be paid according to the terms of the loan. A mortgage loan uses real property as collateral for the repayment of the loan. The borrower transfers an interest in his real property to the lender during the life of the loan. When the loan is repaid, the lender releases its interest. If the loan is not repaid, the lender can take possession of the property by foreclosure. A loan is an amount of money given by one party to the other that has to be paid according to the terms of the loan. A mortgage loan uses real property as collateral for the repayment of the loan. The borrower transfers an interest in his real property to the lender during the life of the loan. When the loan is repaid, the lender releases its interest. If the loan is not repaid, the lender can take possession of the property by foreclosure.


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