George borrows funds from Hometown Credit Union (HCU) to buy real property. George signs a written instrument that gives HCU an interest in the property as security for the debt's payment. This is

Question

George borrows funds from Hometown Credit Union (HCU) to buy real property. George signs a written instrument that gives HCU an interest in the property as security for the debt's payment. This is​

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A mortgage is a specific type of security instrument in which a borrower gives a lender (in this case, HCU) an interest in real property as collateral for a debt. This allows the lender to foreclose on the property if the borrower defaults on the loan. An artisan's lien is a different type of security interest that arises when a contractor or other worker provides labor or materials for a project and is not paid. A workout agreement is a renegotiation of the terms of a loan in order to avoid default, and a suretyship arrangement is a type of guarantee in which a third party promises to pay a debt if the borrower doesn't.

George Borrows Funds from Hometown Credit Union (HCU) to Buy