A mortgage is a loan used to purchase real estate, typically a home. The lender (like a bank or credit union) provides the borrower with a sum of money, which is secured by the property itself. In exchange, the borrower agrees to repay the loan over a set period of time, usually in monthly installments.
These installments typically include:
Principal: The original amount borrowed.
Interest: A fee charged by the lender for the loan.
Property taxes and homeowners insurance: These are often escrowed, meaning the lender collects and pays these on the borrower's behalf.
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A mortgage is a loan to purchase the property. Many people are houseless they can get a load to create their own home.
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