What is a mortgage?

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But what exactly is a mortgage? A mortgage is a loan that is taken out to buy a property. The loan is secured against the value of the property, meaning that if the borrower fails to make the required payments, the lender can repossess the property. Mortgages are typically used to buy homes, but they can also be used to buy other types of property, such as commercial buildings or land.

There are several different types of mortgages available, including fixed rate mortgages, adjustable rate mortgages, and interest only mortgages. Fixed rate mortgages have an interest rate that remains the same throughout the life of the loan, while adjustable rate mortgages have an interest rate that can change over time. Interest only mortgages allow the borrower to pay only the interest on the loan for a set period of time, with the principal to be paid at a later date.

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