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A mortgage is basically pledging a property, home or business premises, to a lender. This works as collateral for a mortgage loan. Mortgage is not a debt, but its evidence and a transfer of interest that moves from owner to the mortgage lender. The condition on which a mortgage is extended is that the interest on the property will be returned to the owner of the real estate when the terms and conditions agreed upon have been satisfied.

A mortgage is a security for a loan that the lending institution offers the borrower. The term literally means ‘dead pledge’. In most jurisdictions around the world, mortgages are associated with loans on property and in some cases, only land is allowed to be mortgaged. Arranging a mortgage enables individuals and businesses to purchase other real estate without the need to pay back the full value immediately. In many countries, purchase of a home is funded by a mortgage.