Mortgage loans are used to finance the purchase of residential or commercial properties, such as houses, apartments, or office buildings.
Purpose:
Mortgage loans are used to finance the purchase of residential or commercial properties, such as houses, apartments, or office buildings.
Loan Amount: The loan amount is typically a percentage of the property's value, known as the loan-to-value (LTV) ratio. Lenders usually provide a percentage of the property's appraised value and require the borrower to make a down payment to cover the remaining portion.
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