Mortgage

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Purpose
Desired Loan Amount
Property Value
Mortgage Balance
Rate Your Credit

Mortgage

A mortgage is a loan used by a borrower to finance the purchase of a residential property. This type of loan uses the property as collateral. Every month, the borrower is required to make a scheduled payment against the loan. The agreement also stipulates that the borrower must keep the property in good order. Unlike the past when the only mortgage available is a traditional fixed rate one, borrowers today can also choose variable rate mortgages and interest only mortgages. The borrowing rate for the mortgage is determined by the loan amount relative to the value of the property, the borrower’s credit rating and the amount of the loan.


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