what is a mortgage 
a mortgage is a loan used to purchase or maintain a home plot of land or other real estate the borrower agrees to pay the lender over time typically in a series of regular payments divided into principal and interest the property then serves as collateral to secure the loan a borrower must apply for a mortgage through their preferred lender and ensure that they meet several requirements including minimum credit scores and down payments mortgage applications undergo a rigorous underwriting process before they reach the closing phase mortgage types such as conventional or fixed rate loans vary based on the borrower s needs zoe hansen investopedia