The planet of banking can be quite mysterious for a few of you available. If you want to understand better what is the difference between a mortgage and your own mortgage, keep reading, because this is precisely what this article wants to explore. In a single way or yet another, both a mortgage and an individual mortgage are types of debt. But, your own loan is just a relatively short term debt, while a mortgage usually takes a very long time to settle. As a matter of truth, the etymology of the word “mortgage” it self relates to whole life responsibilities (the first French word intended “to the death”). While a personal loan may be either secured or unsecured, furthermore, a mortgage is always secured (by the Real Estate asset you purchase). With secured loans (private or mortgages), in the event you neglect to pay your financial troubles, the loaner has got the right to take that particular asset you've set up as collateral your car, (your house, and the like). An unprotected personal loan presents its disadvantages too, even if it does not require you to put up security. Firstly, it could be more difficult to be authorized for this kind of loan (and the chances lower with your credit history). Secondly, even if your application does get authorized, you still stand a very good chance of paying higher interest rates. Long-term, this is more risky, since you might find it more difficult to pay off your debt and you risk having your overdue account handled by debt collection agencies. For more infos visit go to website (see this).