a mortgage is a financial agreement, typically a loan, used to purchase real estate, such as a home or property

loan property home house lender borrow finance payment principal rate credit debt refinance equity amortization ownership mortgagee mortgagor terms agreement installment asset real estate collateral closing application repayment foreclosure preapproval appraisal score adjustable fixed jumbo conventional fha usda pmi refinancing term grace period balloon assumption homeowner mortgage broker origination reverse officer financial typically used purchase property