Definition of mortgage

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TeachMeFinance.com - explain mortgage



Mortgage -- a lien on the property that secures the Promise to repay a loan.

another definition...

Mortgage -- is a document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off the loan.

another definition...

mortgage -- a legal document by which real property is pledged as security for the repayment of a loan; the pledge is canceled when the debt is paid in full.


historic definition...

Mortgage -- A mortgage is a lien or a conveyance for the security of a debt, which becomes void upon the payment of the debt. For additional information see Bond.


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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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