What is a Mortgage
If you’re like most of us, you’ll have to get a mortgage to purchase a home. So what, exactly, is a mortgage?
What is a Mortgage?
The dictionary defines a mortgage as:
The charging of real (or personal) property by a debtor to a creditor as security for a debt (especially one incurred by the purchase of the property), on the condition that it shall be returned on payment of the debt within a certain period.
What that really means is that you borrow money from a lender to buy something valuable (in this case, a house). You agree to pay back the money y