What is mortgage and loan?

Sakazi Desk
Feb 08, 2023 05:22 PM 1 Answers
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Sakazi Desk
Feb 22, 2023

A mortgage is a type of loan you can get from a bank or other financial institution to buy a house or other property. You make regular payments on the loan, typically over many years, until it is paid off. If you don't make your payments, the bank can take the property back.

A loan is when you borrow money from a bank or other financial institution and agree to pay it back with interest. Loans can be used for many different purposes, like buying a car or paying for school. Some loans require collateral, like a house or a car, while others do not.

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