Definition: " mortgaging " refers to borrowing money from another person, typically a lender or financial institution (for example, a bank or mortgage company) as security for an amount of debt or loan. The act of buying property or paying off a mortgage is often accompanied by other related actions such as refinancing, closing a transaction and making necessary payments on the mortgage. The word "mortgage" is a preposition that means to take a deposit (usually in the form of money) from another person to secure a loan. This can be used in conjunction with "loan," which refers to borrowing money or securities without having to repay them in full. In a mortgage scenario, the borrower (or the lender if there is more than one lender) may need to provide proof of income and other financial statements as evidence to demonstrate their ability to make a payment on the loan. The process can also involve completing paperwork such as a mortgage application form or signing an agreement that outlines terms and conditions for borrowing money. The act of purchasing property or taking out a mortgage is typically done through a bank or other financial institution, with the borrower often providing evidence of income and other financial statements to secure the loan.
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