Individuals and businesses use mortgages to buy real estate without paying the entire purchase price upfront. The borrower repays the loan plus interest over a specified number of years until they own the property free and clear. Mortgages are also known as liens against property or claims on property.
The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries.
Mortgages come in a variety of forms. The most common types are 30-year and 15-year fixed-rate mortgages. Some mortgage terms are as short as five years while others can run 40 years or longer.
Contact Park Financial about your plans, opportunities and challenges and learn how our service can help your business now, and into the future.
Do you have a business that supplies equipment, capital goods or large-volume credit to customers? Would you like to be able to offer the added solution of financing on your customers’ purchase requirements?
If you believe that your business could benefit from offering your customer base a more flexible, professional and cashflow-friendly purchasing experience while generating additional income from the financing stream, speak with the team at Park Financial today.
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