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Mortgage glossary
Mortgage
A loan secured by real property, often used to buy or refinance a home. The borrower promises to repay under the loan documents, and the property serves as collateral. If serious default is not resolved, the lender may enforce its rights through the legal foreclosure process.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.