Definition: The "mortgage" term refers to a loan that allows a borrower to borrow money from an investor who guarantees repayment of the loan, usually with interest charges on it. A mortgage is typically taken out by someone with strong credit (often referred to as the borrower) or those with lower credit scores. The borrower provides collateral such as real estate, assets, or income to secure the debt. If the borrower defaults on the loan, they risk losing their home or other assets, and may have to pay additional fees. The term "30" in the phrase "mortgage is 30 of income" means that a person with a mortgage typically pays off their debt (the amount of the principal) in three sets over thirty years.
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