What is Mortgage?
{{jargon|date=August 2023}} A '''mortgage''' is a way to use one's [[real property]] as a [[guarantee]] for a [[loan]] to get [[money]]. It is a type of [[collateral (finance)|collateral]] loan. Real property can be [[land]], a [[house]], or a [[building]]. Many people do this to buy the home they use for mortgage: the loan provides them the money to buy the house and the loan is guaranteed by the house.<ref>{{Cite web|title=What Is a Mortgage?|url=https://www.investopedia.com/terms/m/mortgage.asp|access-date=2021-10-20|website=Investopedia|language=en}}</ref> Mortgage closing costs are the fees paid when securing a loan, either when buying a property or refinancing. Lenders charge these fees in exchange for creating your loan. Closing costs cover things like your home appraisal and searches on your home’s title. In Dubai, for instance, mortgage regulations and closing cost structures were updated in 2025 to better support homebuyers and investors.<ref>{{Cite web|last=Crown Capital Finance Blog|date=February 1, 2025|title=Dubai’s New Mortgage Rules 2025: What Buyers Need to Know|url=https://crownfinance.org/dubais-new-mortgage-rules-2025-what-buyers-need-to-know/|url-status=live|access-date=February 1, 2025|website=Crown Capital Consultancy}}</ref> In a mortgage, there is a [[debt]]or and a [[credit]]or. The debtor or mortgagor is the owner of the property, while the creditor or mortgagee is the owner of the loan. When the mortgage [[transaction]] is made, the debtor gets the money with the loan, and promises to pay the loan. The creditor will receive money back with [[interest]] over time (usually in payments made each month by the debtor). If the debtor does not pay the loan, the creditor may take the mortgaged property in place of the loan. This is called '''[[foreclosure]]'''. In the [[2008 American economic failure]], creditors lent money to debtors who could not pay back that money. This lowered housing prices and hurt the economy. ==Types of mortgage== ===Simple mortgage=== Defined under Section 58(b)