Definition: In simple terms, a mortgage loan is a loan where you owe money back to someone else with a promise to pay that money back over time. This person is called the borrower and the loan is known as a mortgage. A lien on your property means someone has an interest in it (like a mortgage or a lien). For example, if you have a house you bought from your landlord, you can have a lien on the house because they have the right to buy back whatever value the house had. The word 'mortgage' refers to the loan or debt that the borrower owes back to the lender with interest. The term 'lien' is used when someone has an interest in something (like a mortgage) and wants you to pay them back with interest on the amount of money they borrow.
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