distinction is that it is secured by property (McDonald & Thornton, 2008). According to the laws of Ghana, a mortgage is …a contract charging an immovable property as security for the due repayment of debt and any interest accruing thereon, or for the performance of some other obligation for which it is given, in accordance with the terms of the contract (NRCD 96, section 1). In housing finance terms, a mortgage is thus a contract charging an immovable property as security for the due repayment of