A mortgage for a home purchase is a loan provided by a lender, typically a bank or mortgage company, to help a buyer finance the purchase of a property. The buyer agrees to repay the loan over a set period, usually 15 to 30 years, with interest. The property itself serves as collateral for the loan, meaning that if the borrower fails to make the required payments, the lender has the right to take possession of the property through foreclosure. The mortgage allows the buyer to own the home while gradually paying off the loan, making homeownership more accessible by spreading the cost over many years instead of requiring full payment upfront.