Mortgage loans or loan mortgages are loans that borrowers can obtain on real or personal property as security for the payment of debt. Mortgage loans are meant to be paid over a certain period of time. Mortgage loans are provided on real estate as security rather than on other properties. The lenders who provide mortgage loans are banks and building societies. Apart from banks and financial institutions, there are specialist mortgage lending companies that provide mortgage loans to borrowers.

The lenders offer different kinds of mortgage loans. Therefore, ensure that you have necessary information before you fix on a mortgage loan. Besides, verify the rates, points and fees as these can differ from lender to lender. Before you opt for a mortgage, have knowledge of the advantages and disadvantages of different mortgages.

The most important participants related to a mortgage loan are the creditor and debtor. Creditor is the one who makes loans available. Lenders are usually banks, insurers or other financial institutions. Debtor is the one who borrows mortgage loan to purchase property. Other persons involved in mortgage loans are lawyers and mortgage brokers. Lawyers or solicitors are needed if legal representation is required for the creditor or debtor. Mortgage brokers help you get mortgages.

You should consider certain things before you select a mortgage loan, for instance, you must know how much you could afford to borrow. You must make certain the type of mortgage that is suitable for you, how much it costs you monthly, the fees you have to give, the best mortgage rate etc. Also, make sure if there are any redemption penalties, further charges you need to pay, if there is any compulsory insurance with the mortgage loan and about the small print. You must know how you are going to pay off the mortgage and what happens if you fail to pay the mortgage.