A mortgage is a type of loan used to finance the purchase of real estate. At a basic level, it works just like any other loan: someone wants to purchase something (in this case, a house) but doesn't have enough money to pay for it all at once, so they borrow money from a bank to do so. Then they pay back the money they borrowed in installments, with interest.
A) Auto Loan
B) Personal Loan
C) Mortgage Loan
D) Student Loan