Homework Help: Definition

Posted by Anonymous on Wednesday, April 20, 2011 at 8:38pm.

Mortgage.

Written agreement by which an institution(bank) agrees to lend money to buy property.

This is a simple definition ive come up with so i can understand. If there is anything I have missed, please add in simplified form.

Definition - Ms. Sue, Wednesday, April 20, 2011 at 8:44pm
Also included in the mortgage agreement is the borrower's promise to repay that loan at a certain percent interest.

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