WHAT IS MORTGAGE?

A legal agreement that conveys the conditional right of ownership on an asset or property by its owner (the mortgagor) to a lender (the mortgagee) as security for loan. The lender's security interest is recorded in the register of title documents to make it public information, and is voided when the loan is repaid in full.Virtually any legally owned property can be mortgaged, although real property (land and buildings) are the most common. When personal property (appliances, cars, jewelry, etc.) is mortgaged, it is called a chattel mortgage.
In other words, the lender can force you out of the property, sell it, and collect the money you still owe.Mortgage and "home loan" are often used interchangeably. However (if you want to get technical), the mortgage is really the agreement that makes your home loan work – not the loan itself. For real estate transactions, agreements need to be in writing, so a mortgage is a document that gives your lender the right to foreclose on your home.