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Mortgage

Today, the term mortgage is better understood when more people purchase their homes with a mortgage. The mortgage industry flourished with the world's housing market and it simply meant as a process where an individual or a business can purchase the residential and the commercial property without actually paying the total value.

The term mortgage is defined as a loan to any individual for purchasing a real estate. Here, the real estate also acts as collateral for loan.

The mortgage GDP ratio of some of the selected developing countries are as cited below in the table:

country	% GDP
Japan	40.3%
Hong Kong	37.6%
Singapore	35.9%
Korea	12.6%
China	10.0%

A glance of mortgage industry in some of the developed countries:

	Home Ownership rate	Predominant Type of New Mortagage
Canada	66%	Variable 40% Initial fixed 60%
Finland	58%	Variable 97%
Germany	42%	Mostly Initial Fixed or Fixed
Italy	80%	Fixed 28%
Norway	77%	Variable 90%
UK	70%	Initial Fixed 28% Variable72%
USA	69%	Fixed 74%