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What is a mortgage? A mortgage is a particular kind of a loan. When someone takes out a mortgage, they get money to buy a house. They must pay the money back, plus interest. Usually people make a mortgage payment once each month. The house is collateral on the loan. That means that, if the payments aren't made, the bank can take the house. In fact, the bank holds the deed to the house until the mortgage is paid.
The main idea in this passage is:
a definition of the word collateral
a definition of the word mortgage
information about buying a house
pros and cons of buying a house
What is a definition of the word mortgage