What does it mean to take out a mortgage to buy a house?

Can some explain this to me. I'm unsure of the meaning of mortgage. Thanks in advance.

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  • rtfm
    Lv 7
    8 years ago
    Favorite Answer

    To take out a mortgage means to borrow the money from the bank to pay for the house.

    If you don't pay back the loan, the bank can take your house away from you.

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  • 3 years ago

    Mortgage Meaning

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  • ?
    Lv 7
    8 years ago

    A mortgage is just a really big loan specifically for buying a house which typically takes you around 20 years to pay off (although there are options for anything from a 10 year to a 40 year mortgage)

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  • glenn
    Lv 7
    8 years ago

    When you buy a house- most people borrow money to do so. They get a loan with the house being the security for the loan. In other words the loan is tied to the house- and that legal document that ties the loan to the house is a mortgage.

    If you had a credit card with a huge limit and used it to pay for the entire house- then you would have a loan -but no mortgage.

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  • 5 years ago

    This Site Might Help You.

    RE:

    What does it mean to take out a mortgage to buy a house?

    Can some explain this to me. I'm unsure of the meaning of mortgage. Thanks in advance.

    Source(s): mortgage buy house: https://tr.im/i8OUg
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  • 8 years ago

    It means you borrow money from the bank to buy a house.

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  • 8 years ago

    you can go to your bank and ask all the questions you need, and they'll explain it better then probably anyone on here but this might help you :)

    http://legal-dictionary.thefreedictionary.com/mort...

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