Review:
Mortgages
overall review score: 4.2
⭐⭐⭐⭐⭐
score is between 0 and 5
Mortgages are loans taken out to purchase real estate, typically secured by the property being purchased, with defined terms for repayment.
Key Features
- Secured by property
- Defined terms for repayment
- Fixed or adjustable interest rates
Pros
- Allows individuals to purchase homes without paying full price upfront
- Can help build equity over time
- Tax benefits for homeowners
Cons
- High upfront costs (down payment)
- Risk of foreclosure if unable to make payments
- Interest payments can add up over time