Question

what is mean by mortgage & define it's types​

Answer 1

Answer:

A mortgage is a plan in which a property like land, house or a building is used as a guarantee to get a money through a loan. A mortgage is a transfer of a right to stable property for the security purpose of a loan amount. ... If the debtor does not pay the loan amount a creditor take right on the mortgaged property.

Answer 2

Mortgage

A mortgage is a plan in which a property like land, house or a building is used as a guarantee to get a money through a loan. A mortgage is a transfer of a right to stable property for the security purpose of a loan amount. If the debtor does not pay the loan amount a creditor take right on the mortgaged property.

Types of Mortgages are -

• Conventional mortgages.
• Jumbo mortgages.
• Government-insured mortgages.
• Fixed-rate mortgages.
• Adjustable-rate mortgages.