What is a mortgage?

A mortgage is a type of loan used to purchase real estate, usually a house. In Kansas, a mortgage is a loan between a borrower and lender that is secured by the real estate. The borrower agrees to make regular payments to the lender over a period of time, typically 15 or 30 years. In exchange, the lender provides the borrower with money to purchase the real estate and agrees to hold a lien on the property until the loan is paid off. If the borrower fails to make payments or does not pay off the loan, the lender may take legal action to foreclose on the property and reclaim ownership. Mortgages are a common way for people to purchase a home, as they provide the opportunity to purchase real estate with a small down payment and make gradual payments over a long period of time.

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