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What is a great mortgage?
What is a mortgage?
A mortgage is a special type of loan that has to do specifically with a portion of real estate. Commonly, mortgages work in 15 or 30 year contracts, but there are also several less common choices available. A mortgage allows you to pay minimal monthly payments over a long period of time.
How does a mortgage work?
When you apply for a mortgage you will first have to be approved. Approval is based on prior credit history and is determined individually by lenders. It is not guaranteed for everyone. After you are approved you will decide how long of a term you want on your mortgage. If you want smaller payments over a longer period of time you may want to choose a 30 year mortgage. On the other hand, if you can afford larger payments (and subsequently pay less interest) it may greatly benefit you to take out a 15 year mortgage instead. After you decide you will start to make your payments every month. In most cases you begin by paying off your interest first and then progressively gain more equity in your house as your loan term goes on.
