mortgage

A loan to buy a home. Technically, it is the security provided by a borrower to a lender in return for funds advanced - usually the property in question. Typically there are two forms of mortgage: repayment (or capital and interest), where the homeowner pays back both the loan and interest in stages; and interest only, where the homeowner pays just the interest until the end of the loan period, when the capital is also due to be repaid.

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