Mortgages

A mortgage is a loan used to buy a home. You borrow money from a lender and agree to pay it back over time through regular payments, typically monthly. The loan is secured by the property itself, meaning if you don’t make your payments, the lender can take ownership of the home through a legal process called foreclosure. Mortgages usually have a fixed or adjustable interest rate, influencing your monthly payments. Once all payments are made according to the agreement, you fully own the home. Mortgages help many people afford homes by spreading the cost over many years.