Real Estate Residential Mortgages

Residential mortgages are loans provided by banks or lenders to individuals for purchasing homes. When you take out a mortgage, you borrow money to buy a property, agreeing to pay it back over a set period, usually 15 to 30 years, with interest. The property serves as collateral, meaning if you can't make payments, the lender can take the home. Mortgages make homeownership more accessible by allowing buyers to spread the cost over many years, rather than paying the full price upfront. Managing your mortgage responsibly is crucial for maintaining your financial health.