Which of the following best describes a mortgage?

A mortgage is specifically defined as a loan that is used to purchase real estate, such as a house or a piece of land. This type of loan is secured by the property itself, meaning that if the borrower fails to make the required payments, the lender has the right to seize the property through a legal process known as foreclosure. Mortgages typically involve repayment over many years, with fixed or adjustable interest rates depending on the terms of the loan.

In contrast, other options describe different types of loans or credit. Personal expenses can be covered by personal loans, but this does not have the specific association with real estate. Loans for vehicle purchases refer to auto loans, which are distinct from mortgages as they pertain to purchasing cars rather than property. Lastly, credit cards are a form of revolving credit and do not involve loans secured against real estate or any other asset. Therefore, the option that accurately captures the essence of a mortgage is the one indicating a loan specifically for buying real estate.