Mortgage Deed

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A document signed between a homeowner and a bank or lending institution, allowing said institution to put a lien on the property if the loan isn’t repaid. This deed secures property as collateral for a loan — meaning a “mortgage payment” is paid towards a loan debt, with the house serving as security in the event of a default. When a mortgage deed is in effect, the legal title to the property is held by the financial institution for the duration of the loan repayment period.