Description

A Mortgage Agreement secures a loan using real estate as collateral, ensuring the lender can claim the property if the borrower defaults. The contract outlines loan amount, repayment terms, interest rates, foreclosure conditions, and property insurance requirements. Mortgages are commonly used for home purchases, real estate investments, and commercial property financing. Borrowers make regular payments toward the principal and interest until the loan is fully repaid. If the borrower defaults, the lender has the legal right to foreclose and sell the property to recover losses.