What Is a Mortgage?

White house in the country

A mortgage is a loan to purchase a home or land. When you begin planning to buy a home, shopping for mortgages is one of the steps you can take to find out how much you can afford. Mortgages are offered by banks or credit unions and the loan is secured (guaranteed) by the property you purchase.

The process can seem overwhelming, but with good planning and the right help, getting a mortgage for your home purchase may be easier than you think. Check out this short video on how mortgages work.

Photo by Redd Angelo on Unsplash