When most people buy a home, they need a purchase mortgage to secure the necessary funds. A mortgage is an agreement where a lender provides you a loan to cover the cost of buying the home, which you pay back on a predetermined schedule.
While it’s a straightforward concept, it’s important to understand the ins and outs of mortgages before you get one. For example, you need to know how to find the right lender, the different types of mortgages, what the closing costs are likely to be, and so much more.