Whether you are buying a house for the first time or the third time, you will likely be using a mortgage. A mortgage is a form of financing a property with a set amount of payments over a set period of time. Mortgages are also referred to as “liens against property” as the lender can foreclose on the property if the borrower does not pay. There are several different kinds of mortgages. In this first part of our mortgage series, we will be discussing conventional loans.