mortgage industry

The mortgage industry involves the lending and borrowing of money to purchase real estate, typically homes. When someone wants to buy a house but can't pay the total cost upfront, they take out a mortgage from a lender, like a bank. The borrower agrees to repay the loan amount plus interest over a set period, usually 15 to 30 years. The property serves as collateral, meaning if the borrower fails to repay, the lender can take the property. The industry also includes various types of loans, interest rates, and refinancing options to help buyers manage home ownership financially.