Mortgage

A loan taken to purchase real estate, typically with a specified repayment period and interest rate.

📖 Explanation:

A mortgage is a financial agreement where the borrower uses the property as collateral to secure the loan. The borrower repays the loan over a specified period, and failure to repay can result in the foreclosure of the property.

📀 Examples:

  • She took out a mortgage to buy her first house.
  • The bank offers various mortgage options with different interest rates.

Additional notes