Buying a home is a significant milestone, particularly for first-time homebuyers. It’s an exciting journey filled with opportunities, but it also carries its share of complexities—especially when it comes to understanding mortgages. This comprehensive guide aims to shed light on key aspects of mortgages that every first-time homebuyer should know, thus empowering you to make informed decisions throughout your home-buying experience.
Understanding Mortgages
A mortgage is essentially a loan that a bank or mortgage lender extends to you to help finance the purchase of a home. It’s secured by the home itself, and if you fail to repay the loan, the lender has the right to take possession of the property through a process known as foreclosure.
