Definition: Mortgage refers to a loan or arrangement where you borrow money from someone to use it as an investment property. This is done through a process called escrow. In this scenario, the borrower uses their savings and other assets to secure the loan amount, and if they default on the payment, the lender takes ownership of the property and proceeds with the repayment. The specific terms of a mortgage can vary, but typically involve paying down principal and interest payments over time to cover monthly or weekly repayments. The borrower must also be able to afford the full balance of the loan at any given time. If they default on the payment, the lender may pursue legal action to recover the unpaid amount. The term 'mortgage for 350k house' is not a commonly used term in English language or terms related to mortgages. It's often used for housing loans or mortgage agreements, but it doesn't make sense in the context of asking about a specific loan amount for a property.
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