A mortgage is commonly known as a loan given by a lending institution to a party using property usually the property purchased as security in case of a default in payment of that loan. In case a person or party defaults the bank or lending institution will move in and repossess the property then sell it on the open market to satisfy the loan amount. Without a mortgage millions and possibly billions of people world wide will never be able to acquire a home or have ownership of a home. Without a mortgage opportunity potential home owners will have to save up money for many years, or borrow money privately in order to make a home purchase.