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Thinking about getting a mortgage loan?
If you are thinking to borrow with collateral in hand, then mortgage loan IS for you. And how to avail of one is a question that has a wide range of answers depending on the amount you want to borrow, your capacity and your qualification as a borrower.
There are a number of companies that give out mortgage loans, the only difference are some special requirement they might ask for and interest rate.
What is a mortgage?
It is to register your real estate property as a guarantee for a debt or a simply, a collateral.
Nowadays, banks and lending companies tend to lend borrowers with collateral at hand; this is a security blanket of the company in case there is a failure to pay on the part of the borrower. If you are thinking about this option, there are a number of mortgage types that may suit your need or capacity.
What is a Personal loan?
Most of the times, a personal loan is borrowing money without collateral. Because there is no home or car to repossess if you don't make your payments, these loans are considerably riskier for lenders. Extra risk means lenders must charge higher interest rates and require higher credit scores.