A mortgage is a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Mortgage Registration In Ghana
What are the 3 types of mortgages?
Conventional mortgages. A conventional mortgage is a home loan that’s not insured by the federal government.
Jumbo mortgages.
Government-insured mortgages.
Fixed-rate mortgages.
Adjustable-rate mortgages.
What type of loan is a mortgage?
The most common type of mortgage is a conforming conventional loan.
A conforming loan means that it meets the basic qualifications for purchase by mortgage investors Fannie Mae and Freddie Mac. Conforming loans have standardized criteria and lower interest rates than some other loan types.