Business A to Z

Mortgage


A loan secured by the collateral of some specified real estate property which obliges the borrower to make a predetermined series of payments. Under government-insured or loan-guarantee provisions, the payments may include escrow amounts covering taxes, hazard insurance, water charges, and special assessments. Mortgages generally run from 10 to 30 years, during which the loan is to be paid off. Related: include deed of trust.


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