mortgage Hear it!

mortgage definition - legal

n

  1. A grant of a security interest in real property to secure a loan, often for the purchase of the property.
  2. A loan secured by an interest in real property.
  3. The paperwork reflecting such a loan and security interest.
purchase money mortgage
A mortgage that secures debt incurred in connection with the property as to which the mortgage is given, for example, a mortgage on one’s home given to secure a loan given in order to purchase that home. 

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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