A document that pledges your property as security for a loan’s repayment
If you can not repay the loan on your home, a mortgage gives the lender the right to foreclose on the property and sell it to get back their money. A deed of trust serves the same purpose as a mortgage, however some states traditionally use one or the other - in some cases both, depending on the custom in each county. With a mortgage, the lender must go to court to foreclose on a property.
See: Foreclosure
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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