A mortgage is a loan that is secured by a property or house that is to be paid off over a designated period of time. Interest rates tend to be favorable in comparison to unsecured loans, such as credit cards, do to the loan being secured by the property. This means that if the payments are not made, the entity that provided the loan can reposes the property or home. There are many different mortgage types that have been engineered to suit almost any person’s situation.
Obtaining a mortgage should be taken very seriously as it is one of the largest financial decisions a person can make and because you have found this site you have decided to make the right choice educating yourself on the matter at hand. Now that you understand what a mortgage is you should analyze your financial situation to ensure you are financially healthy enough to obtain one.
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