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A mortgage is a loan specifically used to purchase real estate. When you take out a mortgage, the property itself serves as collateral for the loan. This means that if you fail to make your mortgage payments, the lender has the right to take possession of the property through a process known as foreclosure.
When you obtain a mortgage, you agree to repay the loan amount plus interest over a specified period, typically 15 to 30 years. Your monthly payments cover both principal (the loan amount) and interest. As you make payments, equity in your home increases, allowing you to build wealth over time.
There are various types of mortgages available, including fixed-rate mortgages and adjustable-rate mortgages. With a fixed-rate mortgage, your interest rate remains constant throughout the loan term, providing predictability in monthly payments. In contrast, an adjustable-rate mortgage features an interest rate that can fluctuate based on market conditions.
