A mortgage is a loan taken out to purchase real estate, typically a house, which is secured by the property that is being bought. The loan is typically repaid over a period of time in regular installments, with interest being charged on the loan balance. Mortgage loans often come with a variety of terms and conditions depending on the lender, and may also include various fees and charges. The borrower is responsible for paying all of the costs associated with the loan, including closing costs, title insurance, origination fees, and any other fees that may be required. Mortgages may be obtained from a variety of sources, including banks, credit unions, mortgage brokers, and even private lenders. Ultimately, the goal of a mortgage is to provide the borrower with the funds necessary to purchase their desired property, while also providing a secure and reliable way to repay the loan.
About the author:
Daniel H. Weberman, The Kabinet Founder
Daniel is an attorney and the founder of Kabinet. He is always here to help answer your home ownership questions as well as anything related to using your Kabinet app. Ask Daniel a question by sending an email to email@example.com and put “Daniel” in the subject line. This is a complimentary service as part of Kabinet’s commitment to you!
Daniel, The Kabinet Founder, has made every effort to ensure the accuracy of the information within this article was correct at time of publication. He does not assume and hereby disclaims any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from accident, negligence, or any other cause. Speak to your advisor to make sure you qualify for such benefits or opportunities. Do not rely solely on this abbreviated article, it is for informational purposes only.