mortgage loans

A mortgage loan is a financial agreement where a borrower borrows money from a lender to purchase a home. In return, the borrower agrees to pay back the loan in regular payments over time, usually spanning 15 to 30 years. The home itself serves as collateral, meaning if the borrower fails to repay, the lender has the right to take ownership of the property through a process called foreclosure. Mortgage loans often involve interest, which is the cost of borrowing, and require a down payment, a portion of the home's price paid upfront.