What is a mortgage?
A mortgage is a long-term loan
that a borrower obtains to finance the purchase of real
estate.
The house and the land it sits on
serve as collateral for the loan. The borrower signs documents at
closing time giving the lender a lien against the property. If that
borrower doesn't make payments as agreed, the lender can take the
home through foreclosure.
Because mortgages are such large loans, consumers
pay them off over long periods -- usually 15 to 30 years. Their
monthly payments gradually whittle away the principal balance,
slowly at first then ...
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