In general terms, you take the money and return the money back otherwise give your property. A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve borrowed plus interest. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own. 5 types of mortgage loans for homebuyers 1. Conventional mortgages A conventional mortgage is a home loan that’s not insured by the…
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