A mortgage is the name of the loan that you take out to purchase a home. These loans are very large typically and can be difficult to plan around since they have a lot of information and variables at play.
Yes, a mortgage is a type of loan essentially. It also gives the lender the right to take the property back if the person does not pay it back with interest.
Yes, it does mean you own your house, but not the entire thing technically. If you are 50% through your mortgage payments you technically only own at most 50% of the house.
There are far too many variables to answer this question. It depends on your situation and your desired way of living. Both mortgages and rent have their pros and cons, it will all depend on your current point in life and how you want to live.
Not everyone can, but it is a thing to borrow money from your mortgage. This is called a home equity loan, which will essentially be a second mortgage.
Create Date: September 16, 2024
Last Modified Date: September 16, 2024
