A mortgage is a long-term loan that a borrower obtains from a bank, thrift, independent mortgage broker, online lender or even the property seller.
The house and the land it sits on serve as collateral for the loan. The borrower signs documents at closing that give the lender a lien against the property. A lien gives the lender the power to take the home through foreclosure if the borrower doesn’t make payments as agreed. …click here to read more
