A mortgage is a loan to purchase a property. A mortgage uses the property as collateral to guarantee repayment of the loan. The borrower gives the lender a lien against the property, and the lender can foreclose on the property if the borrower does not repay the loan per the agreed terms.. a mortgage in itself is not a debt, it is evidence of a debt.

On the other hand LOAN is “An act of lending; a grant for temporary use: asked for the loan of a garden hose.”
So, simply is something that someone lends you. You can ask for a loan to a bank or a private lender and you can ask your neighbour for the loan of the garden hose… and when you finally stop using it, you have to give it back. Of course in the case of the hose you might not have to pay interest… or perhaps your neighbor asks you for beer or a cup of tea as retribution. In case of asking for a loan in a bank or a private lender, you will have to pay interest.

If you need to borrow a hose to a neighbor, you will think about which one is more close to you, perhaps your friend, and the one you have no troubles with!!! You won’t ask for the hose to that neighbor you have to argue all the time because one of his tree’s branch is on your property and you have to clean the leaves!

Well, with home loans is almost the same: you won’t ask for a loan to that bank that is calling you every day to ask you for the money you already own them!

Principal differences:
-In a mortgage, your mortgagee can sell your property to collect the money. This is called foreclosure. In a loan, even if it is secured by a mortgage, you still have full title to the property. No one else has rights of ownership.

- The word mortgage is derived from two other words “mort”=death “gage”=grip. When you have a mortgage the lender has you in a death grip. A loan is just something you borrow,

These bank owned cars can save consumers thousands of dollars. For some reason it seems a lot of people only consider new and used cars when they are shopping for a new vehicle. Completely avoiding bank owned vehicles and potentially costing them lots of money. If you don’t mind putting in a little extra work and research then a repossessed car can be the perfect choice for you. Typically, you can see savings of well over a thousand dollars when you shop for bank owned vehicles. The most common place to find these gems is at auctions.

After reading this article I’m confident you too will be convinced that a repo car is the way to go. Furthermore, there are thousands of great cars, SUVs, and trucks being repossessed as we speak. Do you know where they are headed? To auctions to sold a below market values and hopefully save you the consumer money during the process.

The most common place these vehicles come from is people who have defaulted on their car loan. Another place to buy vehicles like these is government auctions where they are usually seized from criminals. Due to the high costs of storing these vehicles and depreciation, they are willing to get rid of them for almost whatever is offered. This can mean huge savings for you.

In addition, buying one of these vehicles can also enable you to sell the vehicle at a profit right away. Usually, you buy repossessed cars so far below their actual value you won’t ever have to worry about being upside down or having negative equity. Purchasing a new vehicle will almost guarantee depreciation as soon as you take it off the lot. Therefore, a repo car can even save you up to a few thousand dollars depending on the price range.

In some cases these cars can fetch as little as two thirds of the retail value at an auction. These cars auctions can be very tricky so you should try and go with someone experienced. Generally, you will only see car dealers at these auctions and the public aren’t allowed in. For this reason you should try and find a car dealer to help purchase a repossessed vehicle for you at a minimal broker fee. A fair commission on a transaction like this should run around $500.

Now that you know a little more about how much money a bank owned car can save you, it’s time to get out there and find a deal. Auto dealers have made large profits off these repo cars buying them well below value and selling them for retail.