Definition: Mortgage refers to a loan agreement between a borrower, typically an individual or group of individuals, and their lender, typically an institution such as a bank. The term "mortgage" also refers to the process of securing personal property, such as a house or business, with money borrowed from another party for a fixed period of time. The monthly mortgage payment is usually the principal amount plus interest payments on the loan. However, it can vary depending on the borrower's credit score and other factors. The term "mortgage" also refers to any financial arrangement that allows someone to borrow money or assets (such as a house) for a specific period of time at an agreed-upon rate and with the promise of repayment in the future. This is commonly referred to as a "debt obligation."
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