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Mortgage

The term mortgage (from Law French, lit. dead pledge) refers to the legal device used in securing the property, but it is also commonly used to refer to the debt secured by the mortgage.

In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals or businesses can purchase residential or commercial real estate without the need to pay the full value immediately.

Excerpt from 'Mortgage' Wikipedia, The Free Encyclopedia. 07 Jun 2006, 11:15 UTC. 04 Jun 2006, 20:25 http://en.wikipedia.org/wiki/Mortgage



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