What is a mortgage?

Mortgages are a type of loan that allow you to borrow money to buy a home. They are typically long-term loans with fixed interest rates, meaning the interest rate does not change as economic conditions fluctuate.

Mortgages are a crucial part of financial education and play an important role in helping people access credit and make wise decisions about how to save money, pay debts, and build wealth. By understanding how mortgages work, it can be easier for individuals to make an informed choice when deciding whether this form of debt is right for them.