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What Is a Mortgage? Types, How They Work, and Examples Mortgages are loans used to buy homes and other types of real estate The property itself serves as collateral for the loan Mortgages are available in a variety of types, including
Mortgage Loan: Process, Types and Payments | LendingTree Definition: What is a mortgage? A mortgage is a written agreement that gives a lender the right to take your home if you don’t repay the money they lend you at the terms you agreed on Your mortgage payment amount is based on how much you borrow, the length of your loan term and your interest rate Here’s how a mortgage works:
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What is a mortgage and how do I get one? | Rocket Mortgage Let’s start with the definition that explains what a mortgage is A mortgage is a loan from a lender that gives borrowers the money they need to buy or refinance a home The borrower agrees to pay back the lender with monthly mortgage payments that include principal, interest and other fees
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What Is a Mortgage? Payments, Types and Terminology A mortgage is a loan used to buy a home You repay the loan, with interest, over a set number of years The property serves as collateral, meaning if you don't pay, the lender can take the home