A mortgage is a used to purchase or maintain real estate, such as a home or plot of land, where the property itself serves as collateral . If a borrower fails to repay the loan, the lender has the legal right to seize the property through a process called foreclosure to recover their funds. How Mortgages Work
Lenders offer various mortgage structures to suit different financial needs: What Is a Mortgage Loan? Types, Meaning, Work & Benefits for mortgages
: Buyers typically pay a portion of the property's price upfront, which reduces the total loan amount needed. Common Types of Mortgages A mortgage is a used to purchase or
: Borrowers repay the loan over a set term (typically 15 to 30 years) through monthly installments. for mortgages