Canadian Mortgage is an old English term derived from two French words "mort" and "gage" meaning dead pledge. It is a long-term loan through a bank or other financial institution, or even through the seller of the property. A powerful instrument enables a borrower to obtain the loan for fulfilling his wants, by keeping his property as collateral.
Features of mortgage are as following:
- It is a legal document in which the owner pledges his/her/its title to real property to a lender as security for a loan.
- Here the house and/or property serve as collateral for the loan.
- There are two people involved in a mortgage -
- The borrower
- The lender
- Mortgages run from 10 to 30 years, by the end of which they are to be paid off.
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