What is a mortgage loan?

A mortgage loan is a type of loan that a borrower takes out to buy real estate in Washington. It is a type of secured loan, which means that a borrower pledges a property as collateral for the loan. The loan is usually repaid in monthly installments over a long period of time, often 15 or 30 years. When a borrower takes out a mortgage loan, they are required to put up a down payment, which is a percentage of the purchase price of the property. In Washington, the minimum down payment for a mortgage is 3.5%. The lender then pays the remaining balance for the property, and the borrower pays the lender back with interest over time. The interest rate for a mortgage loan is typically fixed, meaning it does not change during the repayment period. In Washington, mortgage loan interest rates can range from 3.5% to 5.0%, depending on a borrower’s credit score and other qualifications. When the loan is repaid in full, the borrower has full ownership of the property. However, if the borrower defaults on the loan, the lender has the right to take ownership of the property and then sell it to cover the loan amount owed.

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What is a mortgage loan?

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