A mortgageis a loan that is secured by a property. This means that if you default on the loan, the lender can take possession of your property. Mortgages are typically used to purchase a home, but they can also be used to refinance an existing mortgageor to borrow money against the equity in your home.

Types of Mortgages
There are many different types of mortgages available, each with its own set of terms and conditions. The most common type of mortgage is a fixed-rate mortgage, which has an interest rate that remains the same for the life of the loan. Another common type of mortgageis an adjustable-rate mortgage (ARM), which has an interest rate that can change over time.Details