PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1351349
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1351349
According to SPER Market Research, 'Mortgage Lending Market Size- By Type of Mortgage Loan, By Mortgage Loan Terms, By Interest Rate, By Provider- Regional Outlook, Competitive Strategies and Segment Forecast to 2033' state that the Mortgage Lending Market is predicted to reach USD 33.09 billion by 2033 with a CAGR of 9.7%.
A mortgage loan, often simply called a mortgage, is a financial instrument used by individuals interested in purchasing real estate or by current property owners seeking funds for different purposes. This loan arrangement involves placing a legal claim on the real estate being financed. Essentially, a mortgage is a loan extended by a bank or another financial institution to assist in buying a home, and the property itself serves as collateral.
COVID-19 pandemic had a moderate effect on the industry, with certain lenders facing challenges in managing their workload and subsequently resorting to rate increases. Mortgage debt emerged as the primary and most substantial debt burden for individual homeowners, greatly influencing their financial standing and their ability to sustain stability, particularly in instances of reduced income or wage cuts.