What is a Mortgage?

A mortgage is the contract between you and a lender, who agrees to loan you an amount of money to purchase or refinance a property. 

It sets out the terms and conditions of how a lender will provide you with the money you need to buy your house or apartment.

This will include things like: the term (the period of time over which you'll pay the money back) and the interest rate (the rate of interest the lender will charge you for the loan). 

In the simplest terms by taking out a mortgage you are securing a loan on your property and agree to make monthly repayments for the term of the loan..