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Banking Term: Mortgage

May 7, 2015 17:41 IST

    Banking Term: Mortgage

    • A Mortgage is a method of using property as a security for the performance of an obligation, usually the payment of a debt.
    • The term Mortgage refers to a legal device used for this purpose and it is also commonly used to refer to a debt secure by the Mortgage.
    • It is a way to use one's real property, like land, a house, or a building, as a guarantee for a loan to get money
    • The loan provides them the money to buy the house and the loan is guaranteed by the house.

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