Mortgage

A mortgage is a document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off on the loan.

Source: Federal Trade Commission

A lien on the property that secures the Promise to repay a loan.

Source: U.S. Department of Housing and Urban Development

A legal instrument in which property serves as security for the repayment of a loan. In some states, a deed of trust is used rather than a mortgage.

Source: Ginnie Mae

Last reviewed October 2022