Mortgage – A loan secured by the collateral of some specified real estate property that the borrower is obliged to pay back with predetermined set of payments.
The difference between mortgage rates and GIC rates is the profit that the bank makes. If mortgage rates are at 8% and GICs are paying 5% the bank makes 3%.See also: Adjustable Rate Mortgage (ARM), Conforming Loan, Conventional Mortgage, Fannie Mae, Fixed Interest Rate(mortgage), GIC, House Poor, Hypothecation, Lien, Loan, Mortgage Broker, Partial Release, Variable Interest Rate(mortgage) Sources=Sources | 131072
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