Definition: The mortgage term for a house is typically between 15-30 years, but this can vary depending on factors such as loan type, interest rate, credit score, etc. The 'mortgage for 200k house' refers to the amount of money that someone pays upfront to purchase or rent a certain property. In the context of this phrase, it means that a person is required to pay an initial deposit of $200,000 ($1 million if in the US) to secure the mortgage for their dream home. The term 'mortgage' refers to any type of loan where one party (the borrower) agrees to repay money back with interest over time. For example, a credit card is a form of mortgage since the lender agrees to pay back the principal balance and sometimes also charges interest on it. Mortgages are often used for financing large purchases such as vehicles or property because they can help people save money upfront, make sure they have enough money saved up to cover their debts over time, and allow them to refinance at a later date if needed.
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