Foundation to mortgages.
Lesson 1: Mortgages
What is a mortgage? It’s a loan for the purpose of buying property that needs to be repaid over a fixed number of years. Mortgages are secured by property. There are different types of mortgages that depend on the requirements of the lender and the needs of the borrower.
Different lenders and programs have various requirements that you must meet to qualify for a mortgage. These usually include credit, income, employment, and assets – as well as certain standards for the property in question.