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Mortgage |
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A mortgage is a method of using property as security for the payment of a debt. Mortgages are strongly associated with loans secured on real estate rather than other property such as ship and in some cases only land may be mortgaged. Mortgage is also termed as a legal document by which the buyer transfers
to the lender an importance in the form of real estate to secure the repayment
of a debt, with a proof of a mortgage note. The mortgage must be implemented
according to the formalities required by the laws of the state where the
property is located. |
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