A mortgage loan is a loan where you can avail yourself of a fund by putting your residential or commercial property as collateral. there are two types of mortgage loans first one is home loans and the second one is mortgage loans.
In-home loan case lenders provide you funds for being a residential or commercial property after tenure you have to pay the monthly EMI. until you pay the EMI the legal right with the lender. if the borrower frauds the EMI the lender issue the legal notice to the borrower.
What is a Home Equity Loan?
This loan is also called a second mortgage loan. the borrower deposits their equity in the property as collateral the home equity loan always comes with a fixed rate of interest. you can avail of 90% equity as a loan amount.
This is the best way to generate an emergency like medical emergency, home renovation, meeting the student fee and others' needs.
I hope this write-up will help you to understand the mortgage loan and the home equity loan.
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