Mortgage

Mortgage

Mortgage means:
a written instrument that creates a lien upon real estate as security for the payment of a specified debt.

Example of Mortgage:

Learn more about tax examples, explanations and calculations here.

Lowry wants to buy a home and needs a loan to complete the purchase. As collateral, Lowry offers a mortgage on the property to the lender. Note that the borrower gives the mortgage, which pledges the property as collateral. The lender gives the loan (a mortgage loan). Mortgage interest is deductible for business property and generally deductible on a home mortgage.

See also other Tax Terms and Definitions in U.S.A.

interest deductions.


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