A mortgage is a type of loan specifically used to purchase or refinance real estate. It is a secured loan, meaning the property itself serves as collateral for the loan. Here are the key aspects of a mortgage:

Borrower and Lender: The borrower is the individual or entity purchasing the property, and the lender is typically a bank or financial institution providing the loan.

Principal and Interest: The principal is the amount borrowed, while interest is the cost of borrowing that amount, expressed as a percentage of the loan