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What Is A Mortgage?
A Mortgage is a loan you
use to purchase a home or some other piece of property. The amount of money
you borrow is called the principal. The percentage of that amount of
money, which is paid for its use over a specified time period, is called the
interest. Each mortgage payment is a combination of principal and
interest. The property remains in the possession of the borrower, but it may be
re-claimed by the lender if the loan and interest are not paid as agreed.
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