What does mortgage mean?
A mortgage or mortgage loan uses real-estate or personal
property as collateral to guarantee a repayment of a loan.
A mortgage is a debt instrument, secured by the collateral of
specified real estate property, that the borrower is obliged to pay
back with a predetermined set of payments. Mortgages are used by
individuals and businesses to make large real estate purchases
without paying the entire value of the purchase up front. Over a
period of many years, the borrower repays the loan, plus interest,
until he/she eventually owns the property free and clear. Mortgages
are also known as "liens against property" or "claims on the
property." If the borrower stops paying the mortgage, the bank can
foreclose.
Related Q&A：
If you wish to purchase a property how can you put a relative on the deed without also having them o-Well, let me tell ya. This can be a bit tricky. You might wanna talk to a real estate lawyer or a professional in this field. They can guide you through the process. Usually, you could set up some sort of legal arrangement or trust that specifies the rights and responsibilities of your relative on the deed without giving them full ownership or control. But geez, it's important to do it right and make sure all the paperwork and legalities are in order. Ya don't wanna run into any problems later on!
