Frequently Asked

Questions Answered

What is a mortgage?

A mortgage is a loan specifically used to purchase real estate, where the property acts as collateral. It typically involves monthly payments that include principal and interest until the loan is fully paid off.

How does mortgage financing work?

Mortgage financing works by lenders providing borrowers with funds to purchase a home, secured by the property. Borrowers repay the loan over time with interest, building equity in the property.

What are the different mortgage types?

There are various types of mortgages, including fixed-rate, adjustable-rate, and interest-only mortgages. Each has distinct terms, rates, and risks, catering to different financial needs and circumstances.