Mortgages - Rates, Loans, Lenders and Information 

Mortgages - Rates, Loans, Lenders and Information

A mortgage is a device used to create a lien on real estate by contract. The mortgage is an instrument that the borrower (called the mortgagor) uses to pledge real property to the lender (called the mortgagee) as security for a debt, also called hypothecation. The mortgage instrument contains two parts, the mortgage, which is the pledge, and the note, which is the actual evidence of the debt and promise to repay (sometimes called a promissory note). To protect the lender, a mortgage is recorded in the public records creating a lien (when there are multiple liens, order of recording determines priority).