Definition: The term mortgage refers to a type of financing for real estate, specifically mortgages on residential property. It allows an investor or lender to borrow money from someone else (the borrower) in exchange for using their property as collateral (such as a house). The amount borrowed is typically based on the value of the property and how long it will be used. On the other hand, a home loan refers to borrowing against the equity of a residential mortgage. It can be used to buy a house or an apartment. In addition to the interest rate charged by the lender, homeowners may also pay fees such as appraisal fees, closing costs, and possibly insurance premiums if they choose to take out a home loan. Both types of loans come with different terms and conditions, but they both typically involve the borrower providing collateral (usually equity in their property) to the lender. The borrower is responsible for paying back the loan over time through regular payments or monthly installments based on the value of the property at the end of the loan term.
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