Mortgage refers to a loan to finance the purchase of a property, real estate, home, etc. The loan so given specifies a certain time period and interest rate within which the borrower of the loan needs to repay the entire loan amount periodically. In case of a mortgage, the borrower is called the mortgagor and the lender is called the mortgagee. In a mortgage loan the borrower gives the lender a lien on the property as collateral for the loan amount.