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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