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A mortgage loan is a financial product that allows individuals to borrow money to purchase real estate, typically a home or commercial property. The property itself serves as collateral for the loan, giving lenders a sense of security. The primary purpose of mortgage loans is to enable people to afford properties without needing to pay the full purchase price upfront. It is a key enabler of homeownership. Mortgage loan In a mortgage agreement, the borrower receives funds from the lender to purchase a property. The borrower then repays the loan, along with interest, over an agreed period. There are various types of mortgage loans, including fixed-rate, adjustable-rate, interest-only, and government-backed mortgages, each catering to different borrower needs.