What is mortgage?
A financing instrument giving a lender a security interest in real property. The borrower keeps ownership, possession, and use; the lender gains enforceable rights if the borrower defaults.
Where you will use it: this term comes up in the Real Estate Finance course, and the full course glossary collects every term in one place.
Related terms
From the free Real Estate Finance course by Devon Coombs, CPA, MBA.