A claim or charge on property for payment of a Money owed from one person or institution to another person or institution..... With a 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 lender providing funds for a mortgage. Lenders also manage the credit and financial information review, the property and the loan application process through closing.... has the right to take the The right to, and the ownership of, property. A title or deed is sometimes used as proof of ownership of land.... to your property if you don’t make the mortgage payments.