U.S. Mortgage Index

Mortgage

Also called Home loan

Definition

A mortgage is a loan secured by real property. People often use one to buy or refinance a home, but those uses do not define the term by themselves. The property stands as collateral for the debt.

In plain English

When someone says “home loan,” they usually mean a mortgage: money borrowed against a house or other real property. The borrower is responsible for repayment. If the debt is not paid as agreed, the lender’s security is an interest in that property—not advice about foreclosure, and not a prediction of what will happen in any case. Purchase and refinance are the settings most readers will meet on US Mortgage Index. They are typical, not exclusive. The shared idea is a debt tied to real property, not a single purpose. This page uses that general consumer meaning. Other official glossaries sometimes use “mortgage” inside a narrower program or seller/servicer rulebook. Those narrower uses do not replace this page.

Technical definition

Here, “mortgage” is the everyday loan-plus-collateral idea. It is not a state-by-state document name and not a USDA or GSE handbook term. Fannie Mae’s consumer glossary supports the same household meaning. Freddie Mac Guide and USDA HB-2-3550 uses of the word are labeled context only.

Why it matters

Almost every profile, rate discussion, and data series on the site assumes this term. If “mortgage” is narrowed to one program or one purpose, later pages about products, servicing, and HMDA reporting will be misread.

Example

Alex borrows money to buy a house and pledges the house as collateral. Jordan later borrows against a home already owned. Both debts can be mortgages. The shared feature is the real-property security, not the reason for borrowing.

Sources reviewed

Important note

NONE REQUIRED

Last reviewed

September 4, 2026