Definition: Sure, here's a detailed definition of "mortgage" and its increase: Mortgage - This term refers to a loan or mortgage agreement between borrowers and lenders. A mortgage is typically secured with real estate or other collateral that provides security for the amount borrowed. The borrower is responsible for making monthly payments towards the principal balance, which are referred to as interest. The term "increase" in relation to mortgages means that the value of the property securing the loan has appreciated over time. This happens when a borrower's income increases and they can make more repayments or sell their property at a higher price than what is owed on the mortgage. It may be due to improvements to the property, changes in the market conditions affecting the real estate market, or any other economic factors that cause the value of the property to increase. Here are some examples: 1. A borrower with a high-paying job and an excellent credit score can qualify for a higher interest rate on their mortgage than someone who has a lower salary but a poor credit history. 2. If a business owner is able to sell their business and move to a new location, they may be able to negotiate a lower interest rate on their loan with a new lender. 3. In some cases, when a borrower moves from one city to another or receives a promotion, they may be eligible for a higher amount of credit limit (Mortgage Bridge) than before. Overall, the increase in value of a property securing a mortgage is what causes it to rise in price over time.
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