Mortgage: the simple definition
In its simplest form, a mortgage is a loan used to buy a home or property. Like other loans, each comes with its own interest rate, amortization (repayment) schedule and other terms. With a mortgage, the home itself is used to secure the loan. This means if the mortgage holder fails to make payments, the home could be repossessed by the lender.
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Not all mortgages are built the same, so it’s important to find a mortgage that works for you and your situation. At the beginning of the application process, you should educate yourself about the following variables:
Repayment term: The amount of time you have to repay your mortgage…