06/06/2026
Mortgage Term of the Day:
A mortgage is a loan used to buy a home.
You borrow money from a lender, and in return, you agree to repay it over timeโusually with interest. The home serves as collateral for the loan.
๐น Most mortgages are 15 to 30 years
๐น Monthly payments include principal, interest, taxes & insurance
๐น You donโt own the home free and clear until the mortgage is paid off
Itโs the key to homeownership for most buyers!