A mortgage is a very large loan in order for you to buy a home. If you do not have the full asking price of the home in your bank account, then you will need to take out a mortgage and pay it back each month over a set number of years. Some mortgages are 10 years, while others can be 25 years.
Rates can vary quite a bit depending on who your mortgage lender is and their associated terms. Shopping around is a smart move when you are looking for financial help for the largest purchase you’ll likely ever make. If you are unsure where to start the hunt, I have a list of trusted and reliable lenders I am happy to share with you.