Mortgages

A mortgage is a type of loan used to purchase a property or real estate. The borrower (mortgagor) uses the property as collateral for the loan, and the lender (mortgagee) has the right to seize the property if the borrower fails to repay the loan according to the terms and conditions of the mortgage agreement. The loan amount is usually paid back over a long period of time, typically 15 to 30 years, in regular installments that include both principal and interest. The interest rate on a mortgage can be fixed, adjustable, or a combination of both. Obtaining a mortgage is a significant financial commitment and requires a thorough understanding of the terms and conditions of the loan, as well as the borrower’s ability to repay the loan over the long term