How does a mortgage work?

December 3, 2020

1 thought on “How does a mortgage work?”

  1. A mortgage is a type of loan that is used when buying a property. On average, a mortgage is paid off over 25 years. When getting a mortgage, you are usually required to make a down payment. The rest of the amount is then divided into recurring monthly payments.

    On top of paying for the amount you have borrowed; these payments include the following:

    1. Interest charged on the loan
    2. Property taxes
    3. Insurance

    As you pay off your mortgage loan, the amount that you have paid for is referred to as your equity in the property. If you can make extra payments apart from the agreed regular payments, you can save money on interest charges.

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