M

Mortgage

The term is one of very common use when it comes to loans. In the widest sense mortgage is a lien or a real property used to secure a debt. Most commonly, secured debts are called mortgages, and in most cases the property which is put as collateral in case of a secured loan is the borrower's home. In many cases such a loan is used to purchase property, and so a mortgage becomes one of the most common ways which help people to buy a home. The land or other property is redeemable only after the entire amount of the loan is repaid. Note that mortgage is most often used as an umbrella term for several loan types, which are all secured against the property (most often the home) of the borrower.