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Last updated April 15 2019 10:42 am
|Did you know...|
|Real Estate Term:||Mortgage|
|Category:||Real Estate Finance|
|Definition:||a lien on the property that secures the Promise to repay a loan. A security agreement between the lender and the buyer in which the property is collateral for the loan. The mortgage gives the lender the right to collect payment on the loan and to foreclose if the loan obligations are not met.|
|Source:||U.S. Department of Housing and Urban Development. http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/buying/glossary|