Mortgage is a term which is always associated with loans secured on real estate and not on other properties such as ships. It is mainly mortgaged on land that is a property is kept as security to pay a debt. Businessmen and individuals when they want to purchase a commercial or residential real estate they mortgage through which they need not pay the full amount.

The persons who are involved at the time of mortgage are the creditor. Creditors are banks, insurers and other financial institutions that make loans available for real estates. Creditors are referred to as mortgagee or lender. Debtors are individual home- owners, businessmen and landlords who purchase the property as loan. So they have to fulfill all the mortgage conditions of the creditors to repay the loan at the stipulated time. They are at times referred to as mortgagor, borrower or obligor. There are many other participants like the government agencies, private agencies who are the source of funds. While mortgaging there are many terminologies involved. They are the conveyance; it is a legal document that transfers the unregistered land. There are some fees charged for the stamp duty, land registry, search fees.