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    What is a mortgage
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    A mortgage is a means for the buyer to access funding to buy a new property. When a buyer applies for a mortgage with a bank or any other financial institutions that offers mortgages, he/she receives a loan in return for using the property as a collateral to secure the buyer's obligation to pay off the loan. If the loan is not repaid, the lending bank will be able to retain possession of the property and sell it for proceeds. A mortgage is a legal contract and often must be in writing.

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