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Mortgage
A loan used to finance the purchase of a home, with the property serving as collateral for the loan.
More Details
A mortgage is a loan that is used to finance the purchase of real estate, such as a home. Mortgages are typically secured by the property being purchased and are paid back over a fixed period of time, with regular payments of principal and interest.
Example
Imagine that you want to buy a new home and need to borrow money. You might apply for a mortgage from a lender, who will review your credit and financial situation to determine if you are eligible and how much they will lend you. If approved, you would receive the funds in a lump sum and make regular payments to repay the loan, including principal and interest. Mortgages can be a useful way to finance a home purchase, but it is important to consider the terms and make sure you can afford the payments.
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