Everyone wants to buy a house. This is something that every individual wishes even when they were still young kids. For a lot of us, the ultimate indication that we are successful is when you buy our own house.
But that is not very easy to do unless you get a mortgage loan. Without the money to pay for a house, which is very likely in the situation of most people, you will not be able to get your own piece of real estate.
This is why people flock to lending companies, like banks, and try to take out a mortgage.
What is a mortgage?
A mortgage is a loan you take out so you can have the money to pay for the house or any property you want to acquire. The lending company will then use the property you have just bought as loan security, so if you default, or miss out, on your monthly payments, the lender will have the power to take your house away from you.
When you take out a mortgage, you will need to pay it off, along with, on a monthly basis. In some cases, a bi-weekly payment scheme is used.mortgage interest rates home loan rates
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