mortgage loan


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. The mortgagor's lien on the property expires when the mortgage is paid off in full.

Related Terms

annual mortgagor statement -  More

Federal Home Loan Mortgage Corporation -  More

FHLMC -  More

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