Understanding What is a Mortgage
Understanding What is a Mortgage What is a Mortgage? A mortgage is a loan specifically used to purchase real estate, where the property itself serves as collateral for the loan. This means that if the borrower fails to make the agreed-upon payments, the lender can take possession of the property through a legal process known as foreclosure. How Mortgages Work When you take out a mortgage, you agree to repay the loan over a set…