Definition: Mortgage loan home loan - 2. Loan with mortgage on a house (a type of home loan) - 1. Home loan that allows the borrower to borrow money from an intermediary (the bank or other lender) in exchange for property ownership, which is then pledged as collateral against the loan amount - A mortgage loan can be paid off using either a lump sum payment at the end of the term of the mortgage loan (for example, with the payment made at maturity), or by making early repayments to reduce the monthly payments. The lender will usually charge interest on the difference between these two options. - 3. The process of paying back a loan - A type of home loan where the borrower pays off an existing balance through regular payments over time
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