Mortgage loan
This article is about real Estate Mortgage Lending. For mortgages in general and their legal structure, see Mortgage law. For mortgage loans secured on ships, see Ship mortgage. For other uses, see Mortgage (disambiguation).
A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise funds to buy real estate; by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. 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 and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is
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