What is Mortgage?

Mortgage is a debt instrument against which a loan is secured by putting actual property at stake. A mortgage note serves as an evidence for the loan’s existence and the encumbrance of the property which has been granted as mortgage for loan securing purpose.

Financial institution like credit unions or banks can be approached for financing a home loan through securing another property as mortgage, either on one’s own or through intermediaries. The various factors determining the loan like loan’s size, loans’ maturity, method of settling the loan and other important attributes will vary from institution to institution and place to place.