Many Americans lack basic mortgage knowledge, leading to confusion and costly mistakes when purchasing a home, affecting their financial well-being in the long term.
Understanding a mortgage and its terminology is essential for making informed decisions, as it helps potential homeowners recognize risks and avoid financial pitfalls.
A mortgage is specifically a loan to buy property, with the property acting as collateral; failure to repay allows lenders to reclaim it.
Experts suggest a 20% down payment to avoid mortgage insurance, although options exist with down payments as low as 3%, depending on various factors.
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