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Mortgage Basics: What Is a Mortgage?

(April 14, 2016)

A mortgage – a loan to finance the purchase of your home – is likely the largest debt you’ll ever take on. A mortgage is actually made up of several parts – the collateral you used to secure the loan, your principal and interest payments, taxes and insurance.Since most mortgages last 15 to 30 years of monthly payments, it helps to understand the working parts.


Collateral When you agree to a mortgag... read more.