Definition: Loan on a mortgage refers to the process of borrowing money or equity from a lender in order to purchase property, such as a home, business, or investment. The term "loan on mortgage" typically refers to a loan that has been secured by an existing mortgage, which means that the borrower is able to use the proceeds from their loan to make monthly payments towards the principal balance of the mortgage. This means that the borrower will not have to pay back the entire amount borrowed in full at once, but rather only repay a portion of it each month. The term "loan on mortgage" can also refer to a situation where a borrower has taken out a loan for the purchase of an existing property, which is then used as collateral to secure a new mortgage. In this case, the lender takes ownership of the property and makes a payment towards the remaining balance of the loan each month. Overall, "loan on mortgage" refers to a process where a borrower borrows money or equity from a lender in order to purchase property, such as a home, business, or investment.
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