What is the purpose of mortgage?

A mortgage is the lien that a borrower gives the lender to secure a loan against real estate. From the borrower to the lender. The mortgage will detail the condition under which the lender can seize the real estate to settle the loan. Separately there will be a note that sets out the terms for the loan.

First answer by JohnCorey. Last edit by JohnCorey. Contributor trust: 29 [recommend contributor]. Question popularity: 1 [recommend question]

Also see on Answers.com

Mortgage (in law, finance)

Research your answer:

Can you answer other questions about real estate?

Answers.com > Wiki Answers > Categories > Business and Finance > Real Estate > What is the purpose of mortgage?

Our contributors said this page should be displayed for the questions below. (Where do these come from

)

If any of these are not a genuine rephrasing of the question, please help out and edit these alternates.

Explain the purpose of mortgage? What is the purpose of a mortgage?