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A Mortgage is a pledge of property to a lender to ensure the borrower repays the lender the entire loan. People often associate the term "mortgage" with a loan on a home. This is because the home itself can be taken from the homeowner in situations where foreclosure is necessary due to failure of the borrower to make payments on the loan. The home loan just happens to be secured through the rights granted to the lending institution in the mortgage contract.
The three most common types of mortgages include:
Total mortgage costs can be compared using the annual percentage rates quoted for each loan. |
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