Definition: The term "mortgage" refers to a loan secured by an asset, such as a house or a car, typically with a lender (a bank) that takes ownership of the property and guarantees repayment on the mortgage loan. The borrower must repay the amount borrowed over time. Mortgages are widely used in many countries for purchasing real estate, refinancing existing mortgages, paying down debt, or acquiring financing for other purposes. The term "mortgage" is also sometimes used to describe a type of loan that provides equity (the difference between what you already own and what you want to buy) to secure the loan. In summary, mortgage refers to an outstanding debt with a lender taking ownership of your property, providing financial security in exchange for repayment, often in relation to real estate purchases or refinancing existing debts.
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