Definition: The word "mortgage" has four letters, which are M T O R G. M - Mortgage refers to a loan made by a lender or lender's agency to an borrower for the purpose of financing the purchase or acquisition of real property. T - The term "total," as in total cost, is used to indicate the overall amount of money paid out from the loan, which can vary depending on many factors such as interest rates, fees, and taxes. This includes both principal balance (the original sum borrowed) and accumulated interest earned by the borrower over time. O - The term "over," as in "over the limit," refers to a situation where the borrower has exceeded the lender's approved amount for the loan, which can result in a higher interest rate or additional fees. R - The word "repayment" means that the lender pays back the borrower the principal balance of the loan at a fixed schedule, including any fees and penalties. This repayment schedule is often outlined in the loan agreement and usually includes regular payments over time until all the outstanding debt is paid off. G - The term "good faith" refers to honesty and fair dealing on both sides when it comes to lending. It also means that borrowers must provide accurate information about their income, employment status, financial situation, and other relevant details in order for the lender to make an informed decision about whether to extend a loan or not. Overall, mortgage is a type of debt financing that involves borrowing money from a bank or financial institution to finance a purchase or acquisition of real property. It typically includes an interest rate and fees associated with the loan amount, repayment schedule, and other terms.
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