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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

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Last updated: Fri, Jan 3, 2025, 10:05:44 PM UTC