A mortgage is a loan that is secured by real property. It consists of two parts, the interest and the principle amount. When mortgage payments are made, a percentage of each payment goes against the interest owed and the principle owed, with the interest amount initially getting the largest part of the payment.
- Where does the word “mortgage” come from and What does mortgage mean in French?
- What is a mortgage and what does the word mortgage mean?
- What is a fixed rate mortgage and what are the advantages of a fixed rate mortgage?
- What is an adjustable rate mortgage and what are the advantages of an adjustable rate mortgage?
- What is mortgage insurance and is mortgage insurance optional?