Mortgages are loans which are given by lenders to pay for the purchase of real estate property, and have a specific time period and rate of interest for the payment. The borrowers, who are known as the 'mortgagors', give the lenders, also known as the 'mortgagees', a legal asset as a security against the loan. In Bird-In-Hand, the borrowers may get mortgages either from financial establishments like banks directly, or from individuals who act as mediators between the bank and the borrower.
Mortgages in Bird-In-Hand vary, depending on two main categories: the time period of the loan and the interest rate of the loan. Mortgages may be for 15 or 30 years, as per the time period in Bird-In-Hand. Based on the interest rates, the mortgages are either fixed or variable.