Definition: Mortgage or Pay Cash: 1. Mortgage: A mortgage refers to a loan provided by the lender for the purchase of property. The borrower, typically a homeowner, uses the money from the mortgage to repay the loan over a period of time. The amount borrowed can be secured by an asset such as a house, land, or a piece of equipment. 2. Pay Cash: This is an alternative method of paying off debt that involves receiving payment in advance and making payments in installments over time rather than directly paying the lender. The word 'mortgage' refers to a loan that is used for the purpose of buying a property. A mortgage is typically secured by a home or other asset, and it allows the borrower to use the proceeds from the sale of the property as collateral for a new mortgage loan. The term 'pay cash' refers to the act of receiving payment in advance and making payments over time rather than directly paying the lender. This is often used when someone has purchased a property but wants to keep the proceeds for themselves until they need them, such as for emergency expenses or personal use.
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