Definition: The term "mortgage" is a financial loan that involves borrowing money from a lender, typically for the purpose of purchasing or refinancing an existing property. The amount of money that you are able to borrow depends on several factors including: 1. Loan amount: This refers to the total amount of money you need to finance by way of principal and interest. 2. Down payment: This is the amount of money you typically have put down as a deposit when purchasing or refinancing your home, which lowers the monthly payments owed on your mortgage loan. 3. Interest rate: The annual percentage rate (APR) on the loan, which can vary depending on the lender and the interest rates available in your area. 4. Loan-to-value ratio: This is a measure of the value of your home as compared to the amount you are borrowing, typically ranging from 20% for first-time homebuyers up to 80% for higher-value homes. The "mortgage how much can i afford" question refers to whether you have sufficient funds to pay back all or part of the mortgage loan over a specified period of time. The answer is based on your current financial situation and any additional expenses such as property taxes, insurance, and maintenance costs.
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