Definition: The word "mortgage" typically refers to a type of loan that involves paying back money in advance for a house, building, or other property. The term itself has evolved over time, but historically it referred to an obligation to repay a sum of money when certain conditions are met. In terms of the rent, this is a payment made by the landlord to the tenant, who pays it on behalf of the owner. Rent is typically due monthly or quarterly and can be for a variety of purposes including utilities, repairs to property, or upgrades to the living space. The word "mortgage" has been used in legal terms to describe any financial obligation that involves repaying money at some point in the future, whether it's for the purchase of real estate, debt repayment, or other reasons. In contrast, the term "rent" is typically more general and can refer to a variety of different types of payments made by individuals towards property ownership. In short, while both terms describe paying back money borrowed from a lender, their definitions are different in that they apply to different contexts and purposes.
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