Answer:
A mortgage is a repayment of a loan which was given to you to buy a home.
Rent is a payment to someone who owns the building in which you live.
Explanation:
A mortgage is a loan used to buy a house and guaranteed by the same house by putting it as a collateral. For example; The loan you took to buy your property.
Rent is a payment that you give the property owner for the right to occupy the place for a specific period. You do not get any ownership rights in exchange.
Benefits: A mortgage is a good thing when you have a place to live somewhere, without paying monthly apartment rent, which means to lose money.
Rent helps low-income households to live in private rental dwellings at a low price.
