Mortgage

A “mortgage” represents a pivotal financial instrument that enables individuals to realize the dream of homeownership. It is a loan provided by a financial institution, typically a bank or mortgage lender, to facilitate the purchase of real estate. In a mortgage agreement, the borrower pledges the property as collateral, allowing the lender to secure repayment over a specified period, usually spanning decades. The terms of a mortgage encompass various aspects, including the loan amount, interest rate, repayment schedule, and any associated fees. Mortgage options range from fixed-rate mortgages, providing stable payments over the loan term, to adjustable-rate mortgages (ARMs), where interest rates fluctuate based on market conditions. With careful consideration of their financial circumstances and objectives, borrowers can select a mortgage that aligns with their needs, paving the way to homeownership and financial stability.