Definition of "Mortgage"

Steve  Peterson & Judy Avenson real estate agent
Steve Peterson & Judy Avenson, Real Estate Agent RE/MAX Concepts

A written document evidencing the lien on a property taken by a lender as security for the repayment of a loan. The term 'mortgage' or 'mortgage loan' is used loosely to refer both to the lien and to the loan. In most cases, they are defined in two separate documents: a mortgage and a note.

 

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