Final answer:
A mortgage is a written contract that allows the buyer to borrow money by using the property as security for the loan.
Step-by-step explanation:
A mortgage is a written contract that permits the buyer to borrow money by providing something of value — the property — as security for the loan. It is a loan that a person makes to purchase a house. When borrowing money from a bank to buy a home, a mortgage allows the buyer to borrow the funds needed, while using the property as collateral. This means that if the buyer fails to repay the loan, the bank has the right to take possession of the property and sell it to recover the amount owed.