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Understanding Mortgage Terminology

Mortgage – down payment
The amount of money that you pay in cash towards your home purchase. The rest of the purchase money will be made up of one or more mortgages. Saving up a down payment is one of the challenges of attaining home ownership. Different mortgages and purchase plans require a certain percentage of [...]

How a Mortgage Works

A mortgage is a type of loan which is “amortized” (spread out) over a long period, normally 15-30 years. Each payment you make consists of principal (the actual loan money you received being paid back) and interest. At the beginning of the mortgage, almost all the payment you make each month consists of interest so [...]