Definition of Mortgage Loan

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A mortgage is a loan that is secured by real property (land, buildings).A legal agreement that conveys the conditional r...

  • Category: Financial & Legal Services
  • Published: 03/03/2016
  • Current Rating: /5 0 Vote

    Description

    A mortgage is a loan that is secured by real property (land, buildings).


    A legal agreement that conveys the conditional right of ownership on an asset or property by its owner (the mortgagor) to a lender (the mortgagee) as security for a loan. The lender's security interest is recorded in the register of title documents to make it public information, and is voided when the loan is repaid in full.


    A mortgage is a special type of structured debt, usually long-term, that is secured with a parcel of real estate as collateral (typically a plot of land and the home or other buildings built on it). The most common scenario is a home mortgage, taken out by an individual or family to finance the home they live in, which is the collateral for the loan. Well over 90% of single-family homes anywhere in the world  are purchased using some form of mortgage financing.



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