What does a "mortgage" typically secure?

A mortgage typically secures a loan that is used to purchase real estate by establishing a legal claim against the property. When a borrower takes out a mortgage, they agree to give the lender a lien on the property, which serves as collateral for the loan. This means that if the borrower fails to repay the loan, the lender has the right to take possession of the property through foreclosure. The primary purpose of a mortgage is to facilitate the financing of real estate, making it possible for individuals or entities to buy homes or commercial properties without needing to pay the entire purchase price upfront. This system allows for a more widespread ownership of property, as it enables buyers to spread the cost over time while ensuring lenders have a security interest in the asset being financed.