A mortgage is a legal document used to allow a lender to use real property as collateral. This means that if the borrower is unable to repay the loan, the lender can take possession of the property in order to recoup their losses. This type of loan is typically used to purchase a home or other real estate property.

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What Is a Mortgage

Question 36

Multiple Choice

What is a mortgage?

A) The legal document used to allow a lender to use real property as collateral
B) The difference between what is owned vs.what is owed
C) The transfer of a lease agreement to a new tenant
D) All of the choices are incorrect.

Correct Answer: