Final answer:
A promise to pay off a loan to purchase a house is usually made by means of a mortgage. A mortgage is a loan specifically for the purpose of buying a home. The borrower agrees to make regular payments, including interest, over a predetermined period of time until the loan is fully repaid.
Step-by-step explanation:
A promise to pay off a loan to purchase a house is usually made by means of a mortgage. A mortgage is a loan specifically for the purpose of buying a home.
When a person borrows money from a bank to buy a house, they enter into a mortgage agreement with the bank. The borrower agrees to make regular payments, including interest, over a predetermined period of time until the loan is fully repaid.