The borrower gives the lender the mortgage and the note.
Specifically, a mortgage is a written document evidencing the lien on a property and is taken from the borrower by a lender. The mortgage is the security against the property for the repayment of a loan. The term â€œmortgageâ€ or â€œmortgage loanâ€ is used loosely to refer both to the lien and the loan. In most cases, they are defined in two separate documents: a mortgage and a note.