What Are Home Mortgages

What Are Home Mortgages

Mortgages – A mortgage is a loan in which a property acts as collateral. In exchange for this collateral, the bank/lender, agrees to give you a sizable loan, which must be paid back — with interest — over a set period. In the event you fail to pay back the loan, the lender can take action, by taking your home from you with a legal process known as foreclosure.

 

 

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