Mortgages

{
  "id": "MLC-T-ECS-001217",
  "term": "Mortgages",
  "field": "Economic statistics",
  "definition": "A mortgage or similar debt refers to all forms of debt for which the property is pledged as security for payment of the debt. It includes such debt instruments as deeds of trust, trust deeds, mortgage bonds, home-equity lines-of-credit, home-equity lump-sum loans, and vendors' liens. In trust arrangements, usually a third party, known as the trustee, holds the title to the property until the debt is paid. In home-equity lines of credit, home-equity lump sum loans, and vendors' lien arrangements, the title is kept by the buyer but the seller (vendor) reserves, in the deed to the buyer, a lien on the property to secure payment of the balance of the purchase price.\n\nAlso included are contracts to purchase, land contracts, and lease-purchase agreements where the title to the property remains with the seller until the agreed upon payments have been made by the buyer. A purchaser who is buying a property by means of a contract to purchase may not consider himself/herself the owner, since the seller has title to the property; however, for the purpose of this survey, the purchaser is considered the owner. Most of the time if there is a debt on the property, it will be a mortgage, or in certain States, a deed of trust.",
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/mortgages/"
}