All about mortgage

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what is mortgage actually?
In simpler terms mortgage is a security for the loan that the lender makes to the borrower. Mortgagee is the legal term for the mortgage lender. The main function of the mortgage is to provide security to the lender. Given the large sum of money involved in financing a property, a mortgage lender will usually want security for the loan that will provide a claim upon that security and will take precedence over other creditors. A mortgage accomplishes this security. Mortgagor is the legal term for the borrower, who owes the obligation secured by the mortgage, and may be multiple parties. Generally, the debtor must meet the conditions of the underlying loan or other obligation and the conditions of the mortgage.
Types of mortgage instruments in USA:

The mortgage
The deed of trust
Mortgage lien priority

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People who are interested in acquiring details about what mortgage actually is and the criterion of it can feel free to present their querries.

Real Estate