Vocabulary:
Down payment: an initial payment made when something is bought on credit.
Mortgagor: the borrower in a mortgage, typically a homeowner.
Mortgagee: the entity that lends money to the borrower against the security of property.
Collateral: something offered as security for repayment of a loan.
To purchase outright: Without borrowing money in one payment.
Foreclosure: the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.
Repossession: the action of retaking possession of something, in particular when a buyer defaults on payments.
Amortization: a period in which a debt is reduced or paid off by regular payments.
