|
Mortgage
A written document evidencing the lien on a property taken by a lender as security
for the repayment of a loan. The term “mortgage” or “mortgage
loan” is used loosely to refer both to the lien and the loan. In most
cases, they are defined in two separate documents: a mortgage and a note
(A document that evidences a debt and a promise to repay. A mortgage
loan transaction always includes both a note evidencing the debt,
and a mortgage evidencing the lien on the property, usually in
two documents).
|