mortgage
Definition
A loan to finance the purchase of real estate, usually with specified payment periods and interest rates. The borrower (mortgagor) gives the lender (mortgagee) a lien on the property as collateral for the loan.
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Related Terms
assumable mortgage, chattel mortgage, closed-end mortgage, conventional mortgage, first mortgage, general mortgage, government mortgage, growing equity mortgage, high-ratio mortgage, insured mortgage, joint mortgage, junior mortgage, long-term mortgage, open mortgage, submortgage, open-end mortgage, overlying mortgage, package mortgage, residential mortgage, reverse mortgage, rollover mortgage, second mortgage, share appreciation mortgage
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