What is a Mortgage

If you’re like most of us, you’ll have to get a mortgage to purchase a home. So what, exactly, is a mortgage?

What is a Mortgage?

The dictionary defines a mortgage as:

The charging of real (or personal) property by a debtor to a creditor as security for a debt (especially one incurred by the purchase of the property), on the condition that it shall be returned on payment of the debt within a certain period.

What that really means is that you borrow money from a lender to buy something valuable (in this case, a house). You agree to pay back the money y