home mortgage

A home mortgage is a loan used to buy a property, where the house itself serves as collateral. The borrower agrees to repay the loan over time through regular payments that cover both the loan amount (principal) and interest. If the borrower fails to make payments, the lender has the right to take ownership of the house through a process called foreclosure. Mortgages typically have fixed or adjustable interest rates and repayment terms usually span 15 to 30 years. This arrangement allows individuals to purchase homes without paying the full price upfront.