Home Buying Process

noun a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

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• The couple applied for a mortgage to buy their first home.
• They took out a mortgage to buy the house.
• They got a home loan to purchase the property.
• The burden of the mortgage weighed heavily on their finances.