Bank Credit Versus Mortgage
You see in both these cases, the person themselves don’t get the money in their hands and the Bank lends the money directly to the selling party. You just get the house/ product you needed to buy and they bank pays on your behalf. Later, you pay it back to the bank. Now this later paying method is different in case of mortgage vs credit card method. In the previous, you pay back the rent and along with it the actual amount. In the later, you just pay back the actual amount only if it is retuned within the given time. And if it not, then you pay the penality. I am asking to correct my understanding, if you find anything wrong in it, that I have developed all while seeing this 4 part series.