1. a written document clarifying that the property as collateral for ensuring the payment of the debt.
eg: the borrower gives the mortgage for getting the loan to buy a property, which at the same time is taken as the collateral; the lender gives the loan.
2. a mortgage is a way of paying off, or amortising a loan over a fixed period with a series of regular payments.
Note: mortgage loan is a kind of loan or debt.
3. mortgage has three important features: interest rate, payment schedule, and amortization period.