What is mortage?
A mortgage is a document, sometimes referred to as an
instrument, which secures a lender's interest in real estate
property. Anyone who borrows money to buy property signs a mortgage
with the mortgagee. The document legally makes that property
collateral which the lender can take back if the mortgagor ever
defaults on payments.
Related Q&A：
Which document separates a regular real estate loan from a construction loan？Well, let me tell you. The document that typically distinguishes a regular real estate loan from a construction loan is the loan agreement. You know, it's like the big contract that lays out all the details. The loan agreement will clearly spell out the terms, conditions, purposes, and repayment schedules. For a construction loan, it'll have specific provisions related to the progress of the construction, inspections, and disbursements of funds as the project moves along. But for a regular real estate loan, it'll focus more on the property itself and the borrower's ability to repay over a set period. Oh, and sometimes there might also be additional documents like construction plans and budgets that come into play for a construction loan.
