Mortgage
A mortgage is a loan used to buy or refinance a home. The home itself secures the loan.
What Mortgage means
You repay it over a set term, usually 15 or 30 years. If it goes unpaid, the lender can foreclose.
Florida example
A Florida buyer takes a 30-year mortgage. Their monthly payment covers principal, interest, taxes, and insurance.
What a mortgage is
A mortgage is a loan used to buy or refinance a home, secured by the property itself. If the loan goes unpaid, the lender can foreclose.
You repay it over a set term, usually 15 or 30 years, in monthly payments of principal and interest.
What is inside the payment
Most payments also include property taxes and insurance held in escrow. Together these make up your full monthly housing cost.
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Verify the details for your own situation against these government and agency sources: CFPB guide to refinancing and CFPB Owning a Home guide.