A mortgage is a loan that is used to finance the purchase of a home or property. It is a long-term commitment that typically spans over 15 to 30 years. The borrower agrees to make regular monthly payments to repay the loan amount, along with the interest, until the mortgage is fully paid off.

Mortgages are often secured by the property itself, meaning that if the borrower fails to make the payments, the lender has the right to repossess the property through foreclosure proceedings.

When applying for a mortgage, lenders assess several factors such as credit history, income, employment stability, and the amount of down payment. These factors help determine the interest rate and terms of the loan.

Overall, a mortgage is a significant financial commitment, and it is crucial to carefully consider your financial situation and consult with a financial advisor to ensure you choose the right mortgage option that aligns with your long-term goals and financial capabilities.