Mortgage loan calculator mobile home9/25/2023 ![]() ![]() This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property (" foreclosure" or " repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The loan is " secured" on the borrower's property through a process known as mortgage origination. A mortgage loan or simply mortgage ( / ˈ m ɔːr ɡ ɪ dʒ/) is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
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