Discuss the meaning of Mortgage alongwith four types of Mortgages.

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Mortgage is a legal agreement between a lender and a borrower where the borrower pledges property or assets as collateral to the lender to secure a loan. The property or asset that is pledged in the mortgage agreement is known as the mortgage collateral. The mortgage agreement is a long-term loan that is typically used to finance the purchase of real estate or property. The lender has the right to take possession of the mortgage collateral if the borrower fails to repay the loan.

There are four types of mortgages:

1. Fixed-rate Mortgage: In a fixed-rate mortgage, the interest rate remains constant for the entire term of the mortgage. The monthly payment remains the same, and the borrower knows exactly how much they need to pay each month.

2. Adjustable-rate Mortgage: In an adjustable-rate mortgage, the interest rate is tied to a benchmark index, and the interest rate may fluctuate up or down based on changes in the index. The monthly payment may increase or decrease based on the changes in the interest rate.

3. Balloon Mortgage: A balloon mortgage is a type of ___________ ____________ _____________ ______ ___ __________ _______ ________.
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Degree : CERTIFICATE PROGRAMME
Course Name : Certificate in Co-operation, Co-operative Law & Business Laws
Course Code : CCLBL
Subject Name : Business Law as applicable to Cooperatives – I
Subject Code : BLE 13
Year : 2023