MoneyTV's Lisa Dudson explains a recent letter she received from her bank.
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Monday, August 27, 2007
Mortgage interest rate letter
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A mortgage is a method of using property (real or personal) as security for the payment of a debt. The term mortgage (from Law French, lit. death vow) refers to the legal device used in securing the property, but it is also commonly used to refer to the debt secured by the mortgage, the mortgage loan.
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