Definition: The word "mortgage" refers to the right to borrow money, for example from banks or financial institutions. A "mortgage rate" (also known as a "loan rate") is the percentage that an individual or company pays to borrow money over time based on their credit score and other factors. For example, if you have a high credit score with a low mortgage rate, you may be able to get lower monthly payments than someone without a good credit history. The term "mortgage" can also refer to the process of obtaining a mortgage from a lender to finance a home purchase or refinancing an existing loan. The process involves showing proof that you have sufficient income and assets to meet the debt obligations, as well as providing documentation of your eligibility for a mortgage. In summary, "mortgage rates" is a specific term referring to the percentage charged by banks on loans made over time based on creditworthiness or other factors. It can refer to a range of different types of mortgages, including refinances and home purchases.
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