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Mortgage Loan And Its Benefits
By Prerna

Mortgage word originated from a French word “mort” which means “agreement until death”. Mortgage loan is a general term for the loan secured by a mortgage on real property. Mortgage refers to the legal security, but the terms are used interchangeably to refer to mortgage loans.

Mortgageword originated from a French word “mort” which means“agreement until death”. Mortgage loan is a general term for the loansecuredby a mortgage on real property. Mortgage refers to thelegalsecurity, but the terms are used interchangeably to refer tomortgageloans.

Mortgageloanrefers to a loan secured by the residential property, often the purposeof acquiring the residence. Mortgage loans may be lowerpriced thanother forms of borrowing because the value of theproperty reduces riskfor the lender.

Thereare few benefits of mortgage loans, such as:

Thereare many types of mortgage loans and are available to be used worldwide.
Theflexibilityof rate of interest in mortgage loans. The rate of interest can befixed for the life of the loan or can be changed at certain predefinedperiod.
Thereare various ways by which you can repay themortgage loan. Therepayment may depend on locality, tax laws, andprevailing culture.
Duringthe period of the loan, the entire monthly payment is tax deductible.
Themainalternative to capital and interest mortgage is an interest onlymortgage, where the capital is not repaid

throughout the term. This wayyou can benefit more from Mortgage loans.
Theinterest rates are made with flexible options with fixed rate or ARM’s.

Featuresof the mortgage loan:

Mortgageoffset:Links your mortgage with your transaction account so that every dollarin your transaction account offsets the interestcalculated on yourmortgage.

Refix:Allows you to enter into another fixed loan rate at the end of your current fixed rate period.

Redraw:Allows you to have access to any additional payments you have made above the normal scheduled repayments.

ParentalLeave: Lets you to reduce your repayments by up to 50% for up to six months subject to the terms and conditions.

Creditfacility:Rather than going to another banker for Home Improvement andFurnishings, a credit facility on your loan increasesthe credit limiton your existing loan.

Additionalrepayments: Making additional payments from your year endbonuses and save thousands of dollars and reduce the number of yearsoff your loan.

Incometo loan account:By depositing all your income into your loan account you can save ininterest calculated on your mortgage andstill access cash or pay billsby setting up automatic transfers intoother transaction accounts.

Consolidationof accounts: A single account that merges your transaction may simplify your banking and save your interest on your loan whileevery dollar working for you.

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