Definition: The Mortgage is 45 of income means that if a person gets a mortgage, they can have 45 more monthly incomes from their own income. A mortgage is a loan where the borrower is borrowing money from the lender in exchange for the use of the property as collateral. The loan amount is given to the borrower and the interest rate is charged on it. When a borrower borrows money, they will pay off the loan by making payments towards it, which can take many months or even years depending on the terms of the loan. This allows them to have 45 more monthly incomes from their own income.
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