A mortgage loan is used by purchasers of real property to raise money to buy the property to be purchased or by existing property owners to raise funds for any purpose. The loan is "secured" on the borrower's property. This means that a legal mechanism is put in place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms. 

Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property. 

The mortgage lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned.  Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.

vCalc's Mortgage Loan folder includes formulas used in the mortgage and banking industries and for personal use in assessing mortgage and loan opportunities.