| A debt
instrument that is secured by the collateral of specified real estate
property and that the borrower is obliged to pay back with a
predetermined set of payments. Mortgages are used by individuals and
businesses to make large purchases of real estate without paying the
entire value of the purchase up front. Mortgages are also known as "liens against property" or "claims on property." |
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Investopedia explains 'Mortgage'In a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a claim on the house should the home buyer default on paying the mortgage. In the case of a foreclosure, the bank may evict the home's tenants and sell the house, using the income from the sale to clear the mortgage debt. |
Saturday, 16 March 2013
Mortgage
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