A mortgage is a loan that is used to purchase a piece of real estate, such as a house or apartment. The borrower, also known as the mortgagee, agrees to pay back the loan over a specified period of time, usually several years or decades. Mortgages are typically secured by the property being purchased, which means that the lender can seize the property if the borrower defaults on the loan. The concept of borrowing money to purchase property has a long history, dating back to ancient civilizations such as ancient Rome and Greece. However, the modern mortgage system as we
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