What to know about mortgages
mortgage
A mortgage is a loan – granted by a mortgage lender or a bank – which allows an individual to buy a house or property. While it's possible to take out loans to cover the full cost of a home, it's more common to get a loan for around 80% of the home's value. The loan must be repaid over time. The purchased house serves as collateral for the money loaned to a person to buy the house.