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What Is a Mortgage?
A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.
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MORTGAGE | meaning in the Cambridge English Dictionary
mortgage definition: 1. an agreement that allows you to borrow money from a bank or similar organization, especially in…. Learn more. Cambridge Dictionary +Plus
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Mortgage | Definition of Mortgage by Merriam-Webster
Kids Definition of mortgage. (Entry 1 of 2) 1 : a transfer of rights to a piece of property (as a house) that is usually in return for a loan of money and that is canceled when the loan is paid. 2 : the document recording such a transfer.
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Mortgage | Definition of Mortgage at Dictionary.com
Mortgage definition, a conveyance of an interest in real property as security for the repayment of money borrowed to buy the property; a lien or claim on property such that the lender can take possession if the loan is not repaid. See more.
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Mortgage - definition of mortgage by The Free Dictionary
mortgage - a conditional conveyance of property as security for the repayment of a loan. security interest - any interest in a property that secures the payment of an obligation. first mortgage - a mortgage that has priority over all mortgages and liens except those imposed by law.
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Mortgage - Definition, Overview, Examples, Types & Payments
Mortgages are major financial commitments, locking borrowers into decades of payments that must be made on a consistent basis. However, most people believe that the long-term benefits of home ownership make committing to a mortgage worthwhile. Mortgage Payments. Mortgage payments usually occur on a monthly basis and consist of four main parts: 1.
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What Is a Mortgage? Definition & Info | Zillow
A mortgage is a loan that a bank or mortgage lender gives you to help finance the purchase of a house. It is most advantageous to borrow approximately 80% of the value of the house or less. The house you buy acts as collateral in exchange for the money you are borrowing to finance the mortgage for a house.
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