SELaplana >> Business, Information >> Mortgage, What is it?

Spammers who tried to comment-spam my blog made me wonder what mortgage is. They’re always creating a nonsense comment posting a link to a mortgage site.

From the word “Mortgage” I immediately think of business. I don’t really know what mortgage is, because in the first place, I graduated a degree in Engineering that didn’t bother to understand my Economics subjects. Actually, all my economics subjects were marked worst grades, because I was not really interested with these subjects.

The Wikipedia, defined Mortgage as:

a device used to create a lien on real estate by contract. It is used as a method by which individuals or businesses can buy residential or commercial property without paying the full value upfront. The borrower (also called the mortgagor) uses a mortgage to pledge real property to the lender (also called the mortgagee) as security against the debt (also called hypothecation) for the rest of the value of the property. … (link)

To understand it. They called Mortgagor those who borrow and Mortgagee the lender.

Debt instrument by which the borrower (mortgagor) gives the lender (mortgagee) a lien on property as security for the repayment of a loan. (link)

It is a loan, but it is also referred to as a lien or claim against the property.

A loan for a house. Also referred to as a lien or claim against real property. (link)

Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a time specified in the contract. (link)

In other words, it is a contract,

A contract in which a borrower’s property is pledged as security for a loan which is to be repaid on an installment basis. (link)

or legal documents,

A legal document that pledges a property to the lender as security for payment of a debt. (link)

A legal document that uses property as collateral to secure payment of a debt. (link)

or can be considered as a conditional pledge

A conditional pledge of property to a creditor as security for the payment of a debt. (link)

which is used as collateral for the loan.

A legal document that uses property as collateral to secure payment of a debt. (link)

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