Meaning / Definition of
Mortgage
Categories: Loan and Mortgage, Business and Management, Real Estate, Credit and Debt, Legal, ,
a lien on the property that secures the Promise to repay a loan. A security agreement between the lender and the buyer in which the property is collateral for the loan. The mortgage gives the lender the right to collect payment on the loan and to foreclose if the loan obligations are not met.
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