A mortgage is a loan secured by a property/house and paid in installments over a set period of time. The mortgage secures your promise that the money borrowed will be repaid. For most of us, a mortgage is the largest and most serious financial obligation we ever make.
There are many different types of mortgages, each with its own advantages and disadvantages. Understanding some basic concept of mortgage will help you to choose the right mortgage for your financial situation and housing goals.
If you are looking for quick definitions to mortgage-related terms, please check the Mortgage Glossary.
If you have questions, please check the Mortgage FAQs