Most people have to borrow money when they buy a home.
A loan for a home is called a mortgage. To get a mortgage, you sign a mortgage document with a money lender. Examples of money lenders are banks, credit unions, trust companies, Alberta Treasury Branches, life-insurance companies, finance companies, and private lenders. The mortgage document lists the rules for paying the debt that you own on your home. The mortgage document also pledges the home as security to the financial institution until you pay the debt.