Which of the following terms refers to the money owed by a borrower against a property?

The term that refers to the money owed by a borrower against a property is debt. In the context of mortgages, debt specifically pertains to the amount of money financed through loans taken against the property. When a borrower secures a mortgage, they are taking on a debt obligation to pay back the lender over a specified period, which typically includes both the principal amount borrowed and the interest charged on that amount.

Equity represents the difference between the market value of the property and the total amount of debt outstanding, meaning it is not the actual money owed but rather the homeowner's stake or ownership value in the property. An asset is something of value owned by an individual, while an investment typically refers to the money that is put into a venture with the expectation of generating profit. Thus, in the context of borrower obligations related to property finance, debt is the most accurate term to describe the money owed.