A distinctive feature of a mortgage is the key: there is the mortgage bond, no collateral, no mortgage
The term mortgage:
The term "Mortgage" means a loan issued on bail.
The main difference is not of mortgage mortgage-mortgage: that is, the availability of collateral. Moreover, the mortgage loan can be granted bail as of the property owned by the borrower or on bail purchased property (where mortgages are drawn up in conjunction with the acquisition of property).
To better understand the difference between the mortgage and no mortgage, cite:
Under the existing mortgage apartment Bank credit, "consumer credit", which the borrower can use for just about everything.
This mortgage or no mortgage?
There is a bail-means there is a mortgage and loan-mortgage.
Another example:
The Bank has issued a loan to buy real estate.
But in this real estate collateral is not required. No collateral, no mortgage. And credit is not a mortgage.
Again, I stress that the mortgage is not different from the existence of the mortgage lien.
Mortgage: a bit of history
The term "mortgage" - Greek origin.
Even in ancient Greece could obtain loans on bail, such as land. The borrower receives money from the lender (mortgage), and to avoid the temptation to get bail money to the same land from other creditors, was bound at the site, collateral mortgage, a special label (or stone pillars). This sign opoveschal that the station is in the pledge that under his mortgage bond has been received.
What is the difference between "mortgage" and "collateral"
As already mentioned, the mortgage is the key. But not every pledge-mortgage. The fact is that the mortgage is a mortgage, which is public. When the real estate mortgage, the registrars transaction, make appropriate entries that encumbered property lien. Any interested person may request a bank statement from the State Register of real property rights and transactions. In this extract, if the property is found, be sure to indicate that there encumber: Collateral.
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