mortagge
A mortgage is a financial agreement between a borrower and a lender, typically a bank or financial institution, where the borrower receives funds to purchase real estate and agrees to repay the loan over time, usually with interest. It is one of the most common methods people use to buy homes or properties when they cannot afford to pay the full price upfront. In a mortgage agreement, the property itself acts as collateral for the loan. This means if the borrower fails to make payments as agreed, the lender has the legal right to take possession of the property through a process called foreclosure. This security makes mortgage loans less risky for lenders, allowing them to offer lower interest rates compared to unsecured loans. There are different types of mortgages available to suit the needs of various borrowers. The most common ones are fixed-rate mortgages and adjustable-rate mortgages (ARMs). In a fixed-rate mortgage, the interest rate remains the same throughout the loan per...