What is a mortgage?

A mortgage is a type of loan agreement in which a person borrows money from a lender to purchase property. The borrower then agrees to repay the loan over a period of time. In Washington, a mortgage typically involves the borrower providing a lien or security interest in the property, which gives the lender the right to repossess the property should the borrower default on their loan payments. A mortgage also typically requires the borrower to make a down payment on the property, which is a portion of the purchase price that the borrower pays at the time of purchase. The lender then provides the rest of the purchase price, which is secured by the lien or security interest in the property. The borrower must make monthly payments to the lender to repay the loan, which typically include both the principal (the money originally borrowed) and interest (the money that the lender earns through the loan). It is important to note that the borrower typically is responsible for all closing costs, taxes, and other fees associated with the loan.

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What is a mortgage?

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