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Mortgages and Liens
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What is the primary purpose of a mortgage?
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A
To secure a loan
💡 Explanation:
A mortgage is a legal agreement that creates a lien on property to secure a loan. The borrower agrees to repay the loan, typically with interest, over a specified period of time. If the borrower fails to make the required payments, the lender may foreclose on the property and sell it to satisfy the debt.