All About Mortgages

A mortgage is a contract for a loan that is borrowed for the purpose of financing real estate. The “mortgage contract” is registered against the title to property. Like all other contracts, the mortgage contract contains terms and conditions for the repayment of the loan, and the eventual cancellation of the contract.

The person or company that borrows the “mortgage loan” is referred to as the mortgagor. The person or company that lends the “mortgage loan” is referred to as the mortgagee.

Mortgage loans may be lent by financial institutions, private mortgage investment corporations, other companies that are chartered to lend money and individuals who lend their own money.