A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise money to buy the property to be purchased or by existing property owners to raise funds for any purpose. The loan is `secured` on the borrower`s property. This means that a legal mechanism is put in place which allows the lender to take possession a......
Found on
http://en.wikipedia.org/wiki/Mortgage_loan
A contract in which the borrower's property is pledged as collateral. It is repaid in installments.
Found on
https://www.encyclo.co.uk/local/22400
A contract in which the borrower's property is pledged as collateral. It is repaid in installments. The mortgagor (buyer) promises to repay principal and interest, keep the home insured, pay all taxes and keep the property in good condition.
Found on
https://www.homebuildingmanual.com/Glossary.htm
No exact match found.
