Definition: In the United States, mortgage means a loan made for the purchase or refinancing of property that is located in an area prone to landslides caused by electrical line damage. Here are some possible definitions: - Mortgage: A loan that guarantees repayment of principal and interest from the borrower to the lender if the property sold. It's like borrowing money to buy a house; you pay back the money over time. - Mortgages near power lines: This term refers to the use of mortgages to finance purchases or refinancing of property located in an area prone to landslides caused by electrical line damage. The word is used in the context of real estate financing to describe a situation where borrowers need to secure a loan from a lender for the purchase or refinancing of a property located near power lines. This can include both residential and commercial properties. For example, if someone wants to buy a house near a power line, they would typically use a mortgage loan to finance the purchase. If they want to refinance their existing home, they might also consider using a mortgage loan for that purpose.
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