Definition: The term "mortgage guild" is a collective noun used to describe a group of individuals or entities who are affiliated with each other for the purpose of borrowing funds from one another for their financial needs, including mortgage payments. The word is commonly used in the context of real estate lending and is often associated with individuals or organizations that specialize in providing funding to homebuyers.
The definition of "mortgage guild" can be broadly divided into two main categories:
1.
Financial Institution:
This type of group is typically a real estate finance company or organization that has been established specifically for the purpose of facilitating loans to homeowners seeking to purchase homes. The members of a mortgage guild may include other financial institutions, such as banks, brokers, or real estate agents who have a common goal of helping borrowers achieve their goals.
2.
Non-Profit Organization:
In some cases, mortgage guilds may be formed to support specific groups within the housing market or to provide additional services that benefit members. This might involve providing specialized funding for homeowners seeking home renovations, construction loans, or other types of real estate projects.
Both types of groups share a common purpose: they provide financial assistance to individuals seeking to secure financing for their real estate purchases. The main difference lies in the organization structure and the specific objectives of each group.
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