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A(n) _______ is a legal agreement that helps to protect a lender if a borrower does not make required payments on notes or bonds. This agreement gives the lender the right to be paid from the cash proceeds of the sale of the borrower's assets, as identified in the agreement.

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A mortgage is a legal agreement that helps to protect a lender if a borrower does not make required payments on notes or bonds.

A mortgage is an agreement between you and a lender which gives the lender the right to take your property if you fail to repay the money you have borrowed plus the added interest. Mortgage loans are used in order to buy a home or to borrow money against the value of a home you already own.

A mortgage is a necessity if one cannot pay the full cost of a home out of  their pocket at a given time period. For instance, investors sometimes mortgage properties to free up their funds for other investments.

Hence, a mortgage is considered a legal agreement.

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