A mortgage loan is how you finance the purchase of your home.

Your home is used as collateral. It’s a legal contract you sign with a promise to pay the debt along with interest and other costs, typically over 15 to 30 years.

If you don't pay the debt, the lender has the right to take back the property and sell it to cover the debt. To repay the debt, you make monthly installments or payments that typically include the principal, interest, taxes and insurance, together known as PITI.

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