The most important aspect of a loan is that it can be adjusted to its liking by being very detailed or just a simple note. In any case, each credit agreement must be signed in writing by both parties. A mortgage is a type of loan in which the borrower agrees to mortgage real estate as collateral in order to ensure repayment to the lender. In the case of a typical mortgage, the buyer of the house agrees to transfer ownership of the house to the bank if the bank does not receive payment in full and in accordance with the terms of the mortgage contract. . . .