A mortgage is a type of loan where the purchased property is used to guarantee the loan. The guarantee is viewed as a lien against the property and is recorded as a public record.
You enjoy full title to the property as the borrower with a mortgage but the lender has the right to sell the property if you do not pay your debt.
Lender
A lender is any entity that loans money. Lenders are usually banks or private financial groups.
Mortgage Broker
A mortgage broker is a financial specialist that seeks to find the best loan for you. The broker does not work for one lender. |