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home > FAQs > What Are the Major Elements of a Mortgage Loan?

What Are the Major Elements of a Mortgage Loan?

A mortgage loan is made up of several basic pieces.  Practically all such loans are defined by the following elements:

  • Property – the piece of real estate being financed by the loan.
  • Mortgage – the security interest held by the lender.
  • Lender – the person or organization putting up the money.
  • Borrower – the person borrowing the money.
  • Principal – the original size of the loan.
  • Interest – the price charged for the use of the lender’s money.

If you or someone you love is being faced with the grim realities of foreclosure, the West Palm Beach foreclosure defense lawyers of Eric N. Klein & Associates, P.A. would like to discuss your case with you.  Please contact us today by calling 561-353-2800 to learn more.

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