Getting a Mortgage: What You Need to Know Before You Apply

Before we delve into how to get a mortgage, let’s first understand what a mortgage is. A mortgage is a loan you take out to buy a house, usually a house. When you take out a mortgage, the lender lends you the money to buy the property and you repay the loan in monthly installments over a set period, usually 15-30 years. The length of your mortgage and your monthly payments will depend on the amount you borrow, the interest rate, and the type of mortgage you choose.