Buying a house is probably one of the biggest financial commitments that most people will ever make. For many, it is the first large asset they will own. Most people do not have enough money to buy a house without a loan (mortgage). Usually, one borrows from the lender, to be able to make the purchase of the house. When the lender lends you money for a house, the house will belong to you, but will be used as security for the loan.
It is a large loan that creates long term obligation for you. The lender pays the money to the seller. This payment to the seller is the mortgage that is registered to your name. It is usually paid back to the lender over many years. Every loan is given by the lender with the intention that it gets the money back. And every loan is taken with the intention of paying it back.
The lender will therefore only lend you an amount that you can afford to pay back. Circumstances may change in your life that might affect you financially. Nevertheless, the requirement to repay the loan remains unchanged, and it must be fully paid.