A binding A formal bid from the home buyer to the home seller to purchase a home. from your The lender providing funds for a mortgage. Lenders also manage the credit and financial information review, the property and the loan application process through closing. that includes the amount of the A loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price..., the The cost you pay to borrow money. It is the payment you make to a lender for the money it has loaned to you. Interest is usually expressed as a percentage of the amount borrowed. rate, and repayment terms.