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Banking

  Banking   |   Terms
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  • November 26, 2021
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Mortgage Loan

A loan that is extended by a bank or financial institution to an individual or firm seeking to buy a real estate property, where that property serves as collateral for payment of principal and interest.

Should the property buyer fail to pay the loan obligations, the bank would take possession of the real estate through a legal process called foreclosure. By foreclosure, banks can obtain collateralized real estate from defaulting borrowers.


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