In plain English
A mortgage is a loan specifically for purchasing property, where the home acts as collateral, meaning the lender can foreclose and take the property if you stop making payments. You repay it over a set term, typically 15 or 30 years.
Why it matters
Understanding how your mortgage works (rate, term, and payment structure) is the foundation for every other financing decision you'll make as a buyer.
Where you'll run into it
Guides and tools on TheBuyingPath that cover mortgage in context.
Related terms
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