What is a house mortgage?
Before we get into the details of buying a house, getting a mortgage, and what your credit needs to look like, let’s back up and lay out exactly what a mortgage is. A mortgage is a loan specifically used to finance the purchase of a home.
A house mortgage is likely the largest loan you will ever take on and that is why they have multiple parts and they can last 15-30 years. Mortgages include collateral, a down payment, taxes and insurance. It is important to keep these different parts in mind before deciding whether you can take on this much debt. Once you’ve decided to take the plunge, you’ll need to know what it’s going to take to get your dream home.
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