My mortgage closing forms mention a security interest. What is a security interest?
The security interest is what lets the lender foreclose if you dont pay back the money you borrowed.
A security interest means that if you dont make the mortgage payments as agreed, or if you break your agreement with the lender, the lender can take your home and sell it to pay off the loan. You give the lender this right when you sign your closing forms. The document granting the security interest can be called by different names, but the most common names are Mortgage or Deed of Trust.