Definition: Mortgage refers to a loan that you get when you buy a home or other property. A mortgage is a type of loan where you borrow money from someone else (usually a lender) in exchange for using your property as collateral. There are two main types of mortgages: fixed-rate mortgages and adjustable-rate mortgages (ARMs). Fixed-rate mortgages have a fixed interest rate, but they usually come with a fixed payment amount. The fixed rate will be the same each year or month, regardless of market conditions. An adjustable-rate mortgage (ARM) has an interest rate that can change over time based on changes in interest rates. This means that if the interest rate goes up or down, so will your monthly payment. ARM mortgages are less risky than fixed-rate mortgages because they usually have a lower default risk compared to traditional fixed-rate mortgages. It's important to understand what type of mortgage you need before applying for one, as different types of loans can have different terms and conditions that may affect your finances.
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