mortgage

What is a mortgage?

 

What is a mortgage?

The Bankrate.com financial term of the day is: "Mortgage."

What is a mortgage? If you answered "a home loan," technically you're incorrect. Your mortgage is actually the legal agreement behind your loan, and it uses your property as collateral. The agreement allows the lender to seize the home if the borrower stops making payments on the loan.

Your mortgage isn't really your home loan but instead is a legal deal that makes your loan possible.

To find a great rate on a home loan, visit the Mortgage section at Bankrate.com.

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