Mortgage

A mortgage is a legal interest in property that secures repayment of a debt. If the borrower defaults, the lender may enforce that interest through foreclosure.

Promissory note: A written promise by a borrower to repay a specified debt under stated terms. The note records the repayment obligation that the mortgage secures.
Principal (finance): The original amount of a loan, excluding interest and other charges. Mortgage payments typically repay this amount over time.
Deed of trust: A real-estate security arrangement in which a trustee holds title-related powers for a lender and borrower. Some jurisdictions use this structure instead of a conventional mortgage.
Residential mortgage: A mortgage secured by residential property, commonly used to finance a home purchase. It is the familiar form used to secure household home-purchase borrowing.
Lien: A legal claim against property that can secure payment of a debt or obligation. A mortgage is one specific form of property lien.
Interest: The price charged for borrowing money, usually expressed as a percentage of the amount owed. Interest is the borrowing cost added to mortgage repayment.
Charge (law): A security interest over property that does not necessarily transfer an estate in the property. A charge can secure a debt through a different legal form from a mortgage.
Commercial mortgage: A mortgage secured by commercial property, often used to finance its purchase or development. It applies mortgage security to income-producing or business property.
Mortgage deed: A legal instrument that grants or records a mortgage interest in property. This instrument establishes the property interest securing the loan.
Collateral: An asset pledged or made available to secure repayment of an obligation. The mortgaged property serves as collateral for the debt.

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