Most Americans lack even basic mortgage knowledge, which can lead to costly mistakes and confusion, making the mortgage process intimidating for potential homeowners.
A mortgage is a loan used to buy property. The property acts as collateral; if payments aren't made, the lender can take ownership.
Most experts recommend having at least 20% of the home's price as a down payment to avoid mortgage insurance, which adds to monthly payments.
Fixed-rate mortgages keep the same interest rate for the loan term, ensuring predictable payments, while adjustable-rate mortgages may change based on market conditions.
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