Buying a home is an exciting experience, especially if it's your first time. If you've never taken out a home loan, it's perfectly normal to be unfamiliar with your mortgage options. Don't let mortgage confusion discourage you from that homebuying excitement!
It's easy to get lost in all of the information out there, but we're here to help. We'll explain what a mortgage is, how it works, what types of mortgages you're likely to see, and the advantages and disadvantages of those types.
What is a Mortgage?
A mortgage is a loan that a bank or a mortgage lender gives you to help pay for a house. You'll be responsible to pay back the loan over the course of several years or decades.