Mortgage is considered as temporary assurance of property to a creditor as security. Mortgage is a legal agreement which gives conditional right of ownership on an asset or property to a lender as security for a loan. Mortgage is recorded in the register of title documents to make it public information, and is voided when the loan is repaid in full. Any legally-owned property can be mortgaged. Mortgage is also a legal agreement in which you borrow money from a bank in order to buy a house. Mortgage is ended by making monthly payments.